Following on from the recent licences in Singapore and Japan, challenger Revolut has got its European banking licence.
The “specialised” bank licence was facilitated by the Bank of Lithuania. This type of licence was introduced by the Bank of Lithuania in 2017. It has a minimum capital requirement of €1 million (a traditional bank is €5 million), and excludes some investment services and also complex financial services.
Revolut will begin implementing the licence next year, and plans full current accounts, consumer lending and commission-free stock trading. Customers will also be able to deposit their salaries into their Revolut account, which will be protected for up to €100,000 by the European Deposit Insurance Scheme.
