Revolut has launched a bank for its customer-base in Lithuania, helping to expand the UK fintech’s European footprint, according to Retail Banker International.
The bank will enable Revolut’s Lithuanian customers to deposit their salaries and other funds in new deposit protected bank accounts. All customer deposits will be protected by the Lithuanian state company Deposit and Investment Insurance.
Through the Revolut app, existing customers can upgrade from e-money accounts to bank deposit accounts.
In addition, Revolut plans to offer consumer lending services in the coming months, including consumer loans and credit cards.
The challenger also expects to launch Revolut Junior accounts for children and young people aged 7-17, allowing young people to learn to manage their own budgets while giving parents control and oversight of their children’s spending.
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