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Revolut: Granted full banking licence in Lithuania | Fintech InShorts: Latest fintech news, analysis by experts
Monday, December 23, 2024

Revolut: Granted full banking licence in Lithuania

Revolut: Granted full banking licence in Lithuania

  • Revolut Technologies UAB has been changed to a banking licence by the European Central Bank
  • These services are currently provided by Payments UAB, an electronic money institution of group licensed in Lithuania
  • The permission to reorganise it by way of merger with Bank UAB was granted by the Bank of Lithuania
  • Bank UAB has received resident deposits of €395 million and provided almost €12 million in loans to residents
  • In recent years, Payments UAB has carried out payment transactions for €100 billion, received nearly €170 million in operating income
  • According to this indicator it occupies more than 50% of electronic money and payment institutions market in Lithuania

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