8.6 C
New York
Thursday, March 23, 2023
Home Challanger banks Revolut Bank has been granted a full banking license in Lithuania

Revolut Bank has been granted a full banking license in Lithuania

Revolut has finally become a full-fledged bank in Europe due to a banking license issued by the European Central Bank (ECB).

Read also: N26 is getting prepared for a wave of consolidation

The Central Bank of Lithuania announced on Thursday a specialized bank license of Revolut Technologies UAB has been changed to a banking license by the European Central Bank.

Revolut’s European customers will now be protected under the deposit guarantee scheme.

Joe Henegan, head of Revolut Bank, said that “We are currently focusing on expanding the bank’s operations across Europe.”

At the end of September, Revolut Bank’s retail deposit portfolio reached 395 million euros, but the amount of issued loans was less than 12 million euros, the Bank of Lithuania informs.

Revolut also applied for both UK and US banking licenses earlier this year.

The company had originally applied for a UK banking license, but due to a controversial report in 2019 that suggested Revolut disabled a sanctioned transactions system, the UK government postponed the decision indefinitely.

“We are getting closer, especially with the UK banking license,” said Storonsky at the FT’s Global Banking Summit. “And we are about to submit our full US banking license application, hopefully in the first quarter.”

At this point, Revolut has around 16 million users globally.

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

Is the Fintech Bubble About to Burst? Lessons from Credit Suisse’s Collapse

Last week, UBS acquired Credit Suisse in a $3.25 billion rescue deal. This event has raised concerns about the viability of business models of highly valued fintech startups.

Zeta and Featurespace Join Forces to Offer Innovative Credit Card Processing and Fraud Detection Solution

Modern core banking technology provider Zeta and fraud prevention company Featurespace announced a new partnership on March 22, 2023.

Fintech Companies Put a Hiring Freeze Due to Economic Climate

A major new report by Erlang Solutions has revealed that half of all fintech firms have put a stop to hiring staff in 2023 due to the challenging economic climate.

Recap of FinovateEurope 2023: Key Themes and Takeaways

With a focus on innovation and customer needs, the future looks bright for the industry.