Revolut has launched a licenced bank in Lithuania, enabling the 300,000 customers in the country to safely deposit their salaries in deposit-protected bank accounts.
The challenger got its Lithuanian banking licence back in December 2018. But Revolut is also pursuing a UK banking licence and will likely try to obtain a US licence.
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Existing customers have the option to upgrade from e-money accounts to bank deposit accounts from their Revolut app.
Revolut also aims to offer lending services in the coming months, including loans and credit cards, alongside ‘Junior Accounts’ for 7-17-year-olds. This option is available for children of parents with Premium and Metal accounts.
This all means part of customers don’t need to worry about their deposits which was a widely discussed thing during the upcoming COVID crisis.
For example, Monzo bank, Revolut’s major competitor, owns a UK licence since 2017 so their customer’s finances are fully protected already.
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The operation is handled by former SEB chief executive Virgilijus Mirkės, who was appointed as CEO of “Revolut Bank” last June.
“Revolut has become a trusted household name in Lithuania,” says Mirkės. “We are incredibly excited to take the next step in our mission to build a world-class bank for our customers in Lithuania.”
