After extending and supplementing the license, Revolut Bank will complement its current main activities (accepting deposits and granting loans) with the payment services (card payments, direct debit, credit transfer, cash withdrawal, money remittance, payment initiation, account information services). These services are currently provided by Revolut Payments, an electronic money institution of the Revolut group licensed in Lithuania. The permission to reorganise it by way of merger with Revolut Bank was granted by the Bank of Lithuania at the beginning of October 2021.
As of the end of Q3 2021, Revolut Bank has received resident deposits of EUR 395 million and provided almost EUR 12 million in loans to residents. In recent years, Revolut Payments has carried out payment transactions for EUR 100 billion, received nearly EUR 170 million in operating income, and according to this indicator it occupies more than 50% of electronic money and payment institutions market in Lithuania.
Both companies were granted licenses in December 2018.
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