Revolut lets customers switch to Revolut Bank in 10 additional countries

Fintech startup

Revolut

has its own banking license in the European Union since late 2018. It lets the company offer some additional financial services without partnering with third-party companies. And the company is going to let customers switch to Revolut Bank in 10 additional countries.

The Bank of Lithuania has granted a specialized license — it isn’t a full-fledged license per se as it focuses on some activities. The company is taking advantage of European

passporting rules

to operate in other European countries. Right now, Revolut takes advantage of its banking license in two countries — Poland and Lithuania.

In Lithuania for instance, you can apply for

a credit card

with a credit limit that’s twice the value of your monthly salary (up to €6,000). The company also offers personal loans

between €1,000 and €15,000. You can pay back over 1 to 60 months.

Now, customers in Bulgaria, Croatia, Cyprus, Estonia, Greece, Latvia, Malta, Romania, Slovakia and Slovenia will be able to become Revolut Bank customers. It’s not a transparent process as you need to get through a few steps to carry your account over.

But once this process is done, your deposits are protected under the deposit guarantee scheme. If Revolut Bank shutters at some point down the road, customers can claim up to €100,000 thanks to the scheme —both euros and foreign currencies are protected.

You can expect new credit products in the 10 new markets. Overall, Revolut has attracted 15 million customers. The company recently announced that it was also

applying for a banking license

in the U.K., its home country and its biggest market.

Revolut gets European banking license in Lithuania