Following the proposal of the Bank of Lithuania, a specialised bank licence of Revolut Technologies UAB has been changed to a banking licence by the European Central Bank.
After extending and supplementing the licence, Revolut Bank UAB will complement its current main activities (accepting deposits and granting loans) with the payment services (card payments, direct debit, credit transfer, cash withdrawal, money remittance, payment initiation, account information services). These services are currently provided by Revolut Payments UAB, an electronic money institution of Revolut group licensed in Lithuania. The permission to reorganise it by way of merger with Revolut Bank UAB was granted by the Bank of Lithuania at the beginning of October this year.
As of the end of Q3 2021, Revolut Bank UAB has received resident deposits of €395 million and provided almost €12 million in loans to residents.
In recent years, Revolut Payments UAB has carried out payment transactions for €100 billion, received nearly €170 million in operating income, and according to this indicator it occupies more than 50% of electronic money and payment institutions market in Lithuania.
Both companies were granted licences in December 2018