Home Business NewsBusinessBanking News Revolut launches new bank in Europe

Revolut launches new bank in Europe

5th May 20 4:07 am

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. All customer deposits will be 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 allow 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. In June 2019, Revolut appointed Virgilijus Mirkės as Chief Executive Officer for Revolut Bank. Virgilijus has 25-years experience working in financial services, including SEB Bank and Scotiabank.

Speaking on the launch of Revolut Bank in Lithuania, Virgilijus Mirkės, Chief Executive Officer of Revolut Bank said: “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.”

Revolut has signed up more than 300,000 customers in Lithuania and 10 million globally. Revolut set up a new office in Vilnius in 2017 where it currently employs more than 170 people in banking operations, customer support and marketing. Last month, Revolut raised $500 million in new funding and listed operationalising the bank and reaching profitability as key priorities for the company in 2020.

Revolut intends to passport its Lithuanian banking license to other Central and Eastern European countries later in the year, with Lithuania acting as a hub for the region.

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