Revolut has launched a bank in Lithuania, as part of plans to operationalise its European banking license.
The digital challenger bank 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.
The move will let its 300,000 customers in the country deposit their salaries and other funds in new deposit protected bank accounts, with plans underway to offer consumer loans and credit cards in the coming months. It also expects to launch Revolut Junior accounts for children and young people aged seven to 17.
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 for Revolut Bank in Lithuania.
It set up a new office in Vilnius in 2017, where more than 170 people are employed 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.
In March, Revolut revealed that it is considering applying for a UK banking licence, enabling it to offer FSCS-protected deposits and lending services.
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