Financial Institutions from Great Britain have infamously extended their reach throughout Europe. History is repeating itself with Revolut, the Challenger Bank located in London. This comes after European Clientele began expressing interest in the region, prompting Revolut to inquire a regulatory license. Obtaining this licence enables all transactional trades through Revolut – Lithuania Subsidiary, are protected under the Lithuanian Deposit & Investment Insurance Policy.
It’s this unique policy that prompted clienteles to find interest in Lithuania’s digital blockchain market. When Brexit unfolded earlier this year, Revolut determined a strategic changeover to Eastern Europe was required to sustain profits. It’s suspected that by January 2021, Revolut will have shut down the majority of their offices in Great Britain.
Board Members with Revolut have planned this strategic move for a prolonged period. They’d initially appointed a Chief Executive Officer in 2018, informing Virgilijus Mirkes that duties would begin by Mid-2020. Virgil Mirkes previously worked with Scotiabank and SEB Bank in executive positions. Skillsets obtained by Virgil will prompt Revolut – Lithuania Subsidiary to unexpected heights.
Virgilijus Mirkes released a formal statement to Lithuania reporters; he remarked: “Revolut has become a trusted household name in Lithuania. We have achieved this by solving our customers’ problems, treating them fairly and being at the forefront of financial innovation. We are incredibly excited to take the next step in our mission to build a world-class bank for our customers in Lithuania.”
Open for Business
Clientele holding active accounts with Revolut can deposit a variety of fund into their Lithuania Subsidiary. The services provided by this new entity went live on May 1st and supports salary deposits to avoid bureaucratic loopholes in Great Britain. This is all possible through the Revolut mobile application. It should be noted that additional benefits for Revolut clientele are coming by July 2020. This includes Client Loans & Credit Cards for the 10+ million consumers on the Revolut Exchange. Their customer base is about to reach new heights with their global expansion, with some analysts predicting the potential of 100+ million clientele.