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September 24, 2020
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Revolut has its own bank – Blocksats

Famous FINTECH Revolut has officially launched its bank in Lithuania. Apparently, already at the start of its services will be able to use about 300 thousand. customers in this country.

Revolut with its own bank

How to “switch” to a Revolut account? Users can convert their existing accounts to bank accounts directly in the mobile application. As a result, their savings will be covered by bank guarantees.

However, this is only the first stage of the company’s expansion into new areas. The bank’s plans include an introduction to the offer, including loans and credit cards. In addition, fintech wants its Lithuanian clients to provide Revolut Junior, i.e. an account for children aged 7 to 17 years.

It is worth noting that what we are observing now must have been in the company’s plans for several years. Despite the fact that the bank was created only now, Revolut has its Lithuanian banking license since 2018. In the future, it also wants to use it to provide banking services in other countries of Central and Eastern Europe. In 2017, the company founded an office in Vilnius that currently employs over 170 people in marketing, customer support and banking operations.

Fintech with great potential

revoluta founded by two Russians – Nikolai Storonski and Vlad Jacenko. The project officially started in 2015. Formally, it operates as an electronic money institution.

Today, Revolut also offers a mobile application that has been supporting transactions in PLN since 2017. The project is revolutionary enough (and using the idea from the cryptocurrency market) that the smartphone application itself allows the user to set up a bank account associated with a payment card. The “app” and account allow you to make free domestic and international transfers and pay for purchases abroad without any commission or additional fees.

1.7 million users already used the application in 2018, but in the next few months the number increased significantly. In July 2019, the company could already boast of 6 million users.

It is worth adding that Poland is the first country in the world in which revoluta launched local cards, account numbers and support department. The project has been so well received in our country that it is today the second fastest growing FinTech in Europe and the third in terms of the number of users.

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