The fintech is also planning to offer its Lithuanian customers credit cards and loans within the next few months.
Image source: Virgilijus Mirkės / Revolut
Digital banking service Revolut has launched a bank in Lithuania under its European banking license.
Revolut's 300,000 Lithuanian customers today can transfer their accounts from an e-money account to a full bank account.
The exchange will now protect customer deposits up to € 100,000 under the Lithuanian state-owned Deposit and Investment Insurance.
As now providing bank accounts, Revolut intends to offer Lithuanian customers consumer loans and consumer credit cards in the coming months.
Virgilijus Mirkės, chief executive 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. "
In late 2018, Revolut received its European banking license of & # 39; e Bank of Lithuania and has since transferred its UK business customers to its Lithuanian banking entity.
The transfer was revealed in a blog post that mentioned the possibility of a Brexit no-deal as a reason to do so.
Following the discovery that the fintech was hunting for a UK President to help score a UK license, a spokesman for & # 39; said last week e bank: "Revolut has always said our ambition is to become a global financial platform and we may consider an application in the future. Revolut has not applied for a UK Banking license at this stage."
Despite being a bank in Lithuania, the e-money institution is still in the & # 39; s UK to apply for a bank license even after & # 39; t UK has worked without anyone