Reverse launches a licensed bank in the European Union


Neobank plans to expand further in this area

Revolut launched a licensed bank in the European country. Photo:

British startup Revolut has officially started its activities as a licensed bank in Lithuania. From now on, 300 thousand Nobank customers will be able to use bank deposit accounts, and their funds will be deposited by a local state-owned company that is engaged in insurance of deposits and investments of financial services consumers.

In the coming months, there are plans to introduce consumer credit services (loans and credit cards), as well as junior accounts – accounts and cards for children between the ages of 7 and 17.

Recall that Revolut obtained a European banking license at the end of 2018 from the Bank of Lithuania and the European Central Bank (ECB). In June 2019, NeoBunk appointed former top manager of SEB Bank and Scotiabank Virgilius Mirks as executive director of Revalute Bank.

It is reported that there are plans to further expand into Central and Eastern Europe with Lithuania as the center for the region. Currently, the company has offices in Vilnius with over 170 employees engaged in banking, customer support and marketing.

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Earlier, we wrote that Revolut was going to apply for a British banking license, which would allow the company to offer deposits and loans to customers protected by the Financial Institutions Compensation Payer Program (FSCS). Currently, the bank operates under FCA license with the authority to operate with electronic money in the country.

In March, unicorn startup Revolut announced the project’s entry into the US market, despite the company posting on its financial problems.

Read: He conquers the world: Top 10 most successful Nobanks in Europe

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