Revolut Bank, UAB Europos centrinis bankas, granted a full bank license to the global financial platform Revolut company in Lithuania at the request of the Bank of Lithuania. The license will entitle Revolut Bank to provide customers with payment services and issue electronic money, as well as continue to offer deposit insurance-insured accounts and consumer credit.
"We are happy to become a full-fledged European bank. Until now, we have operated in the European Economic Area (EEA) under two separate licenses - Revolut Payments UAB, an electronic money institution (EMI)-licensed company, and Revolut Bank, a specialized bank. The license extension will allow the bank to provide payment services independently of Revolut Payments, says Joe Heneghan, CEO of Revolut Bank and Revolut Payments.
According to him, Lithuania will continue to be the main center of Revolut in the European Union, through which innovative financial services will be provided to customers of Lithuania and the entire region. "We are currently focused on expanding the bank's operations across Europe," Mr Heneghan says.
After obtaining the license, the existing structure of the two companies' operations becomes no longer relevant, so Revolut plans to merge the companies and consolidate their operations in Europe. The Bank of Lithuania has already granted permission to reorganize Revolut Payments, after acquiring the right to provide payment services in accordance with the procedure established by Revolut Bank's legal acts.
in 2018 in December, the European Central Bank granted Revolut Bank a specialized bank license at the request of the Bank of Lithuania. The bank started its operations in 2020, offering customers deposit insurance insured accounts and credit services in Lithuania and in Poland, and since then the activity has been expanded to 18 countries of the European Union.
