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