Revolut Obtains European Banking License via Bank of Lithuania
|Revolut co-founder and CEO Nikolay Storonsky
Photo by Kimberly White/Getty Images for TechCrunch
London based Revolut has obtained a banking license via the Bank of Lithuania, the European country’s central bank which has granted regulatory approval for it to operate throughout the European union. This marks Revolut as the first London-based fintech to receive a banking license and puts it on par with the likes of Adyen, Klarna and N26 who have obtained banking licenses in other European nations.
|Storonsky on the MoneyConf Stage during day two of Web Summit 2018 at the Altice Arena in Lisbon, Portugal.
Photo by Seb Daly/Web Summit via Sportsfile
A banking license is required for expansion into broader services for Revolut, a $1.7 billion valued leading fintech startup with more than 3 million customers and 250 million transactions totaling more than 25 billion pounds made on its platform.