Revolut launches a bank to provide insured deposits

Revolut has launched a licenced bank in Lithuania, enabling the 300,000 customers in the country to safely deposit their salaries in deposit-protected bank accounts.

The challenger got its Lithuanian banking licence back in December 2018. But Revolut is also pursuing a UK banking licence and will likely try to obtain a US licence.

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Existing customers have the option to upgrade from e-money accounts to bank deposit accounts from their Revolut app.

Revolut also aims to offer lending services in the coming months, including loans and credit cards, alongside ‘Junior Accounts’ for 7-17-year-olds. This option is available for children of parents with Premium and Metal accounts.

This all means part of customers don’t need to worry about their deposits which was a widely discussed thing during the upcoming COVID crisis.

For example, Monzo bank, Revolut’s major competitor, owns a UK licence since 2017 so their customer’s finances are fully protected already.

Read also: Monzo has attracted most people who switched their accounts

The operation is handled by former SEB chief executive Virgilijus Mirkės, who was appointed as CEO of “Revolut Bank” last June.

“Revolut has become a trusted household name in Lithuania,” says Mirkės. “We are incredibly excited to take the next step in our mission to build a world-class bank for our customers in Lithuania.”

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