Revolut turns new page with Lithuania-facilitated banking license
Today, Revolut together with the Bank of Lithuania have announced that the challenger bank received a Specialised Banking License, which will allow offering and passporting an even wider range of solutions to customers in Europe. The move of getting a license in mainland Europe has been considered by many a hedge against Brexit. Having received both the Specialised Banking license and Electronic Money Institution facilitated by the Bank of Lithuania, Revolut is now effectively safe from any decision regarding Britain leaving the EU. From 2019, Revolut will start accepting deposits and offering retail and business lending, making it an even bigger rival for traditional banks, a press release from Invest Lithuania states.