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Revolut gets Lithuanian banking license

Challenger bank Revolut been granted a European banking licence by the National Bank of Lithuania.

Thanks to the EU’s banking passport system, the Lithuanian licence allows Revolut to offer its services throughout the EU/EEA. The company plans to start offering consumer-protected current accounts, overdrafts, and loans in early 2019, starting in Lithuania with expansion to other key markets, such as the UK, later in the year.

“With the banking licence now secured, commission-free stock trading progressing well and five new international markets at final stages of launch, we are living up to our reputation as the ‘Amazon of banking,’” said Nik Storonsky, founder and CEO of Revolut. “Our vision is simple: one app with tens of millions of users, where you can manage every aspect of your financial life with the best value and technology.”

Chad West, a Revolut spokesman, said the company chose Lithuania because it has 150,000 customers there already and because “the regulatory environment is incredibly FinTech friendly.” Mr West also said it was faster to get licensed in Lithuania than many other European jurisdictions.

In April, Revolut became a unicorn after completing one of the biggest rounds for a FinTech start-up, raising 250 million US dollars at a valuation of 1.7 billion.

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