Revolut Bank, a part of the British fintech Revolut, has been granted a banking license, the Bank of Lithuania (LB) reports.
Upon LB’s proposal, the banking license was issued by the European Central Bank.
The company, headquartered in London, runs a specialized bank, Revolut Bank, and an e-payment platform Revolut Payments.
CEO Joe Heneghan said in a press release that Revolut planned to consolidate the two branches and expand its banking services in Europe.
He also said that Lithuania would remain Revolut’s base in the European Union.
According to LB, in late September, Revolut Bank held 395 million euros in deposits and a loans portfolio of 12 million euros.
Revolut Bank received a specialized bank license in 2018 and launched operations in 2020. (LRT/Business World Magazine)
