Revolut has today launched a bank for its customer-base in Lithuania, helping to expand the UK fintech’s European footprint.
The bank will enable Revolut’s Lithuanian customers 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.
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Virgilijus Mirkės, CEO 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.”
Through the Revolut app, existing customers can upgrade from e-money accounts to bank deposit accounts.
In addition, Revolut plans to offer consumer lending services in the coming months, including consumer loans and credit cards.
The challenger also expects to launch Revolut Junior accounts for children and young people aged 7-17, allowing young people to learn to manage their own budgets while giving parents control and oversight of their children’s spending.
Expanding in Europe
Revolut received its European banking licence in 2018 from the Bank of Lithuania and the European Central Bank (ECB). So far, Revolut has signed up over 300,000 customers in Lithuania and 10 million globally.
Furthermore, Revolut intends to passport its Lithuanian banking licence to other Central and Eastern European countries later in the year, with Lithuania acting as a hub for the region.
In February, the fintech raised $500m in Series D funding. As a result, the total raised by Revolut totals $836m. The funding round was led by US-based growth capital firm TCV, and brings Revolut’s valuation to $5.5bn.
Revolut will use the Series D funding to strengthen its product development in existing markets. In addition, it continues to target further international expansion.
