Revolut turns new page with Lithuania-facilitated banking license

This is how Marius Jurgilas, Board Member of Bank of Lithuania, comments on this news:

“Development of an environment conducive to competition and innovation in the field of finance is one of our strategic goals. We aim to ensure that Lithuania’s financial sector provides quality services for consumers as well as creates a favourable ecosystem for business development.”

The relationship between Revolut and Lithuania has started much earlier. On the consumer level, Lithuania has for a long time been one of the most penetrated markets for Revolut.

On the business side of things, Revolut has already been benefiting from the perks of Lithuanian fintech infrastructure and regulation. Since 2017, thanks to the Bank of Lithuania, Revolut has been able to issue IBANs to customers in 42 countries.

What does this move hold for the Lithuanian fintech ecosystem?

Mantas Katinas, Managing Director of Invest Lithuania, comments on the latest development:

“The Lithuanian fintech sector has the potential to become the calling card of Lithuania, an exclusive niche, in which we are not only ahead of other countries, but also able to offer unprecedented solutions.

Related Post

Throughout the last few years we have developed a strong community, encompassing more than 150 companies, of which the majority serves clients all across Europe. The community has its hubs – co-working spaces, incubators, regular events and hackathons, mostly held in English. The community – is also rich in non-Lithuanian talent, with companies from EU and non-EU countries alike having established their divisions here. Lithuania-based fintech companies rarely compete for the same clients, meaning they are keen to share their knowledge and experience.

The key success factor that was instrumental in our progress in this field has undoubtedly been the initiative and leadership of the Bank of Lithuania, which has guaranteed transparent and effective regulatory environment. If in other European countries the regulator often plays the part of an overseer or a watchdog, the Bank of Lithuania lends a helping hand to newcomers out and is always improving procedures that take several times longer elsewhere.

Despite the rapid growth and astounding indicators, the Lithuanian fintech industry lacked the recognition of a world-famous name. Revolut, which today has linked its future success to Lithuania, is the high-calibre player that will help Lithuania to attract the attention of the global fintech industry.”

Fintech in Lithuania

London’s status as the financial capital of the Old World will become less relevant after Brexit, at least for banks and financial technology (fintech) players. UK-based financial services providers will soon lose the ability to serve customers in the EU, and many are already seeking a second home in mainland Europe. One country particularly stands out due to its flexible regulation and eagerness to attract the best there are in Fintech. That country is Lithuania.

In 2013, the country set out, with the Bank of Lithuania very much at the wheel, to become one of the EU’s hottest destinations for Fintech. The announcement of Brexit served as additional fuel to this ambition, as the announcement put hundreds if not thousands of fintech companies in search of a European base. In the years that followed, Lithuania rolled out multiple incentives that led to the number of fintech companies grow from single-digit numbers to more than 150.

As time-to-market is as essential in Fintech as in any other cutting-edge industry, Lithuania offers one of the most streamlined and efficient licensing procedures in the EU. Thanks to a single-window approach and a well-calibrated process, it takes as little as 3 months to get a Payment Institution or Electronic Money Institution license in Lithuania.

Share

Recent Posts

  • Latest

Message from the President’s Office to Paluckas on Žemaitaitis

While Prime Minister Gintautas Paluckas does not take issue with the statements made by the…

1 month ago
  • Economy

Surprised by what’s happening in Lithuania: this is what makes us stand out in the EU

Lithuanian economists are surprised to see our country's economic growth: the Estonian economy has been…

1 month ago
  • Politics

Will the coalition shut the door on Žemaitaitis?

"The fate of Nemuno Aušra (Dawn of Nemunas) in the coalition has been decided; they…

1 month ago
  • Tribune

Airvolve has begun the patenting process for an exclusive aircraft

Airvolve, a Lithuanian dual-purpose aeronautics company, has successfully completed its first round of testing and…

2 months ago
  • Latest

Bruveris. The world in 2025: a continuation of last year’s collapses towards new fires

The world is becoming smaller, more intertwined, and increasingly fragmented, with many of the previous…

2 months ago
  • Tribune

Why Fine Dining Is Gaining Popularity in Vilnius?

In recent years, Vilnius, the vibrant capital of Lithuania, has experienced a culinary renaissance. While…

2 months ago