A Revolut licensed bank has been launched in Lithuania. This comes after the Apps’ success in the U.K. and the U.S. The platform popularity has been on the rise and has over 10 million users spread across the globe with 300,000 of these in Lithuania alone.
By formally launching a bank in the country, local users can now receive their salaries and similar services through the platform. The bank offers deposit protected accounts. With the new arrangement, e-money customers can seamlessly transition to bank deposit accounts through the smartphone-enabled Revolut App that supports over 28 currencies.
Unique Revolut licensed bank
The Revolut app is easy to use and migrating from e-money to its banking service is easy. Existing customers can easily upgrade at the comfort of their homes. The Lithuanian launch timing is just right; when the world is turning to paperless money transactions to slow the spread of the coronavirus.
In its adoption strategy, Revolut offered its UK users BTC earlier this year. However, with a Revolut licensed bank, the firm has promised new and unique services to its users. These include ‘Junior Accounts’ for ages 7 to 17, loans, and credit cards.
Revolut licensed bank making Lithuania operations hub
Before Revolut licensed bank to launch in Lithuania, it received the European banking license in 2018 through the local Lithuania Bank. This was followed by the European Central Bank (ECB) the same year. The inroads have endeared the platform to the local market and anticipated to replicate its U.S. and U.K. success.
Revolut is confident that the license will open the gateway to offer its services to other countries in Central and Eastern Europe before the close of 2020. The current focus is to make Lithuania the hub of its operations. The firm has over 170 employees in charge of marketing, banking services, and client support in their offices in Vilnius.