Revolut has formally launched as a licenced bank in Lithuania, enabling its 300,000 customers in the country to deposit their salaries and other funds in deposit-protected bank accounts.
Existing customers are able to upgrade from e-money accounts to bank deposit accounts from their Revolut app with just a few taps on their mobile.
Revolut plans to offer consumer lending services in the coming months, including loans and credit cards, alongside 'Junior Accounts' for 7-17 year olds.
Revolut received its European banking license in late 2018 from the Bank of Lithuania and the European Central Bank (ECB). In June 2019, the firm appointed former SEB Bank and Scotiabank alumnu Virgilijus Mirkės as chief executive officer for Revolut Bank.
Revolut says it will passport its Lithuanian banking license to other Central and Eastern European countries later in the year, with Lithuania acting as a hub for the region. The company currently employs more than 170 people in banking operations, customer support and marketing from its offices in Vilnius.