Mobile fintech, Revolut, has launched its bank in Lithuania, enabling its 300,000 customers in the country to deposit their salaries and other funds in new deposit protected bank accounts (protected by the Lithuanian state company Deposit and Investment Insurance).
Existing customers are able to upgrade from e-money accounts to bank deposit accounts from their Revolut app – in just a few minutes.
In addition to bank accounts with deposit protection, Revolut plans to offer consumer lending services in the coming months, including consumer loans and credit cards. Revolut also expects to launch Revolut Junior accounts for children and young people aged 7-17, which allows young people to learn to manage their own budgets while giving parents control and oversight of their children’s spending.
Revolut received its European banking license in late 2018 from the Bank of Lithuania and the European Central Bank (ECB). Since then, the company has been working to operationalise the bank from the ground up.
Revolut has become a trusted household name in Lithuania. We have achieved this by solving our customers’ problems, treating them fairly and being at the forefront of financial innovation. We are incredibly excited to take the next step in our mission to build a world-class bank for our customers in Lithuania.
Virgilijus Mirkės, CEO, Revolut