Fintech startup Revolut receives a European banking license

13.12.2018 | 14:28 Home / News / Fintech /
#Revolut #Nikolay Storonsky
Fintech startup Revolut, founded in London by entrepreneurs from Russia and Ukraine, has received a European banking license in Lithuania.

Rb.ru reports that the license enables Revolut to launch a range of new services in Lithuania, UK, France, Germany and Poland. The residents of these countries will be able to get a debit card with Revolut in addition to the e-wallet.

The fintech company also plans to introduce overdraft and loans in the future.

“This document makes Revolut users a part of the European Deposit Insurance Scheme, which can compensate up to EUR 100,000 in case of loss of funds. It will convince the Europeans to transfer wages and large sums to their Revolut accounts,” Rb.ru notes.

The fintech startup was founded in London in 2015. Initially, it produced debit cards that clients could use for purchases in any country, exchanging the currency by the interbank exchange rate.


Revolut features 130 currencies and serves around 3 million users (mostly in UK). The startup raised USD 250m in total last year, taking its worth to USD 1.7bn.

There were reports this autumn that Revolut planned to apply to Luxembourg for a license to avoid potential Brexit-related problems.


Revolut co-founder Nikolay Storonsky said they had no intention to leave London, but added the UK capital “would fade as a financial centre”. According to him, more banks will cut back as they make less money, feel the pressure of the regulations and face competition from fintech companies.

Last year Revolut met with UK regulators about applying for a banking license, but decided to apply for one in Lithuania instead, partly to avoid the disruption of Brexit.

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