Revolut granted specialised bank and electronic money institution licences
Following the assessment and proposal of Lithuania’s financial regulator, Revolut Technologies UAB has been granted a specialised bank licence by the European Central Bank, while the Board of the Bank of Lithuania issued Revolut Payments UAB an electronic money institution licence. The two companies are part of Revolut Ltd.
“Development of an environment conducive to competition and innovation in the field of finance is one of our strategic goals. We aim to ensure that Lithuania’s financial sector provides quality services for consumers as well as creates a favourable ecosystem for business development,” said Marius Jurgilas, Member of the Board of the Bank of Lithuania.
Having secured a specialised bank licence, Revolut Technologies UAB plans to accept deposits and offer consumer credits. The main difference between a specialised and a full-range bank is that the former is not authorised to provide investment services.
Revolut Payments UAB intends to issue electronic money and provide a wide range of payment services, such as payment transactions (card payments, direct debits, credit transfers), cash withdrawal, money remittance, payment initiation and account information services.
Revolut Ltd – the London-based startup – was founded in 2015. Its main scope of activities includes online transfers, currency exchange, card payments and cash withdrawal across the globe.
The Lithuanian FinTech cluster now includes more than 100 licensed companies, the majority of which are engaged in activities related to payments, electronic money issuance as well as P2P lending and crowdfunding platforms.