By Aisling Finn on Monday 4 May 2020
The fintech also plans to offer its Lithuanian customers credit cards and loans within the next few months.
Digital banking service Revolut has launched a bank under its European Banking licence in Lithuania.
Revolut’s 300,000 Lithuanian customers can now transfer their accounts from an e-money account to a fully-fledged bank account as of today.
The switch will now protect customer deposits up to €100,000 under the Lithuanian state company Deposit and Investment Insurance.
As well as now providing bank accounts, Revolut plans to offer its Lithuanian customers consumer loans and consumer credit cards in the next few months.
Virgilijus Mirkės, chief executive officer of Revolut Bank who was appointed to the role in June 2019, said: “Revolut has become a trusted household name in Lithuania. We are incredibly excited to take the next step in our mission to build a world-class bank for our customers in Lithuania.”
Revolut received its European Banking licence from the Bank of Lithuania in late 2018 and has since transferred its UK business customers over to its Lithuanian banking entity.
The transfer was revealed in a blog post citing the possibility of a no-deal Brexit as the reason for doing so.
Following the discovery that the fintech was on the hunt for a UK Chairperson to help score a UK banking licence, last week a spokesperson for the bank said: "Revolut has always said that our ambition is to become a global financial platform and we may consider an application in the future. Revolut has not at this stage applied for a UK Banking licence."
Despite now being a bank in Lithuania, the e-money institution is still yet to even apply for a banking licence here in the UK, having operated in the UK for five years without one