Revolut launches bank for its customer-base in Lithuania

Based out of London, Revolut is a financial services company that specialises in mobile banking, card payments, money remittance, and foreign exchange. The company is on a mission to build a fair and frictionless platform to use and manage money around the world. 

Signed up more than 300,000 customers!

Recently, the UK fintech company has launched its bank in Lithuania, enabling its 300,000 customers in the country to deposit their salaries and other funds in new deposit protected bank accounts. All customer deposits will be protected by the Lithuanian state company Deposit and Investment Insurance.

Speaking on the launch of Revolut Bank in Lithuania, Virgilijus Mirkės, Chief Executive Officer of Revolut Bank said:

 “Revolut has become a trusted household name in Lithuania. We have achieved this by solving our customers’ problems, treating them fairly, and being at the forefront of financial innovation. We are incredibly excited to take the next step in our mission to build a world-class bank for our customers in Lithuania.”

Upgrade through the app!

Notably, the existing customers can upgrade from e-money accounts to bank deposit accounts from their Revolut app – in just a few minutes. Additionally, Revolut plans to offer consumer lending services in the coming months, including consumer loans and credit cards. 

Revolut Junior on cards in Lithuania!

The fintech platform also expects to launch Revolut Junior accounts for children and young people aged 7-17. Right now, the Revolut Junior is available to Premium and Metal customers in the UK.

Signed up 10 million customers globally!

Headquartered in London, with 25 offices globally, Revolut has signed up 10 million customers globally. Furthermore, Revolut set up a new office in Vilnius in 2017 where it currently employs more than 170 people in banking operations, customer support, and marketing. Since launch, Revolut has processed more than 1bn transactions worth over $100 billion.

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. Founded by Nikolay Storonsky and Vlad Yatsenko, Revolut has raised €763 million funding to date.

Main image credits: Revolut

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