Revolut invites its users lithuanians to migrate to their new account.
For a long time, the main difference between traditional banks and the new banks was their accreditation with regulators. The first are known as “credit institutions,” while the latter are confined to the status of “payment institution” or ” institution of electronic money (E-Money). It is for this that the neo-banks have been limited so far to the simple payment card.
N26 and Revolut had the ambition to titillate the traditional bank on their own land, and they are so aisles away from the “real” bank licences to european regulators. The fintech N26 is directly went to see the BaFin German, while the british Revolut opted for the regulator Lithuanian. It was the latter who was eventually granted a licence of the bank at the end of the year 2018.
An offer of credit
If Revolut and N26 remained very discreet on the subject so far, the first just officially become a “bank” in Lithuania. It has invited its 300,000 customers lithuanians to migrate their funds from their account e-money to one of the (new) Revolut Bank. The young shoot british wishes to use the system of passporting european to establish itself as a credit institution in other countries of eastern Europe and Central Europe.
This announcement is the logical continuation of the project that has been initiated there are more than 2 years, and must allow Revolut embarking on the credit and the credit cards ” in the coming months “. Virgilijus Mirkės, a financier from the world traditional bank, took over as head of the Revolut Bank by June 2019 to develop this activity.
With more than 10 million customers to its active, Revolut is today one of the largest “neo-banks” of the world. His last tour de table allowed him to raise $ 500 million for a valuation of $ 5.5 billion. It registers a great success with young customers and travel with a no fee card abroad. Beyond its formula free (and limited), the accounts Revolut Premium and Metal offer more flexibility to their users (see our opinion Revolut).