Revolut, a London-headquartered challenger financial institution, has formally launched a licensed financial institution in Lithuania, thus defending its European clients’ curiosity.
The shopper deposits within the new entity shall be protected by the Lithuanian state firm Deposit and Funding Insurance coverage.
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This got here forward of Brexit as Finance Magnates earlier reported that the cellular financial institution was planning to maneuver its Central and Japanese Europe-based purchasers to the brand new European entity in Lithuania.
Revolut obtained a European banking license from the Financial institution of Lithuania and the European Central Financial institution (ECB) in 2018 and appointed Virgilijus Mirkės, a former SEB Financial institution and Scotiabank government, as its chief government officer the next 12 months.
“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,” Mirkės stated in a press release.
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Round 300,000 clients of the banking platform can now deposit salaries and different funds within the new banking entity. It should additionally enable its clients to improve from e-money accounts to financial institution deposit accounts from their Revolut app.
The corporate can be planning to introduce lending companies via client loans and bank cards within the coming months.
Revolut can be anticipated to deliver its newly launched Revolut Junior accounts, focused to youngsters from 7-17 years, to its European purchasers.
Creating a world presence
With a complete of 10 million clients, Revolut is now eyeing for international growth. Final March, it launched its companies in america, enabling American purchasers to open up accounts. The corporate additionally has a presence within the Singapore and Australian markets.
Earlier this 12 months, Revolut raised $500 million in a Sequence D funding spherical with a valuation of $5.5 billion, thus changing into UK’s most-valued fintech startup.