Banks, Financial Services, Good for Business, Innovations, Internet, Lithuania, Technology

Revolut has been granted the license by the European Central Bank through the Bank of Lithuania.

"We plan to have our systems ready to start offering banking services in the second half of next year," said Andrius Biceika, head of business development at Revolut.. 

All new features will be launched in Lithuania before being rolled out across the European Union, he added. 

The license will ensure that Revolut customers' accounts of up to 100,000 euros will be covered under the European Deposit Insurance Scheme in the future, the company said.  

"We have obtained a banking license in the European Union and are fully licensed in Singapore and Japan. We are developing a commission-free stock trading platform and will soon launch in five new countries," Revolut CEO Nikolay Storonsky said in the press release.

"All of these steps are building our reputation as the Amazon of banking," he added. 

Revolut's immediate plans include expanding outside of Europe to the US, Canada, Singapore, Japan, Australia and New Zealand in the first half of next year.

The fintech startup says it has 3.3 million customers. It offers travel and smart device insurance, instant exposure to cryptocurrencies, a saving tool and other products.