Revolut Bank UAB — Lithuania

A detailed overview of a fully online bank

1. When, where and by whom it was created?

Revolut was founded in July 2015 in London, United Kingdom, by Nikolay Storonsky and Vlad Yatsenko, originally as a financial technology company offering a multi-currency prepaid card and money-transfer application. The banking arm of the group, Revolut Bank UAB, was established separately in Lithuania. It received a specialised banking licence from the European Central Bank, granted through the Bank of Lithuania, in December 2018, and began operating as a licensed credit institution offering banking services across the European Economic Area starting in 2021. Revolut Bank UAB is registered and headquartered in Vilnius, Lithuania, which is the legal seat of the banking entity of the Revolut group for the European Union.

2. Why it was created?

The banking licence in Lithuania was obtained so that the Revolut group could offer full banking services, rather than only electronic-money services, to customers within the European Union. A banking licence allows the company to accept deposits that are covered by a deposit-guarantee scheme, to grant loans and overdrafts, and to expand its product range beyond payments and currency exchange. Lithuania was chosen because its regulator, the Bank of Lithuania, has actively encouraged financial-technology companies to establish banking operations in the country, offering a relatively fast and structured licensing process combined with full access to the European single market through passporting.

3. What needs it addresses?

• Everyday domestic and international banking without visiting a physical branch.
• Holding, exchanging and sending money in multiple currencies from a single account.
• Fast, low-cost international money transfers and currency exchange at competitive rates.
• Real-time control over spending through instant notifications and budgeting tools.
• Access to modern banking services for people who are frequently abroad, work internationally, or are underserved by traditional branch-based banks.

4. Who it serves?

• Private individuals who want a modern, mobile-first personal bank account.
• Freelancers, digital nomads and frequent travellers who need multi-currency accounts.
• Small and medium-sized businesses that need business accounts, corporate cards and payment processing.
• Start-ups and e-commerce companies that need fast account opening and simple integration with online payment tools.

5. Advantages

• Fully digital, mobile-app-based bank — there are no physical branches to visit.
• Multi-currency accounts allowing customers to hold and exchange dozens of currencies.
• Competitive, transparent exchange rates and low transfer fees.
• Fast account opening, typically completed within minutes through the mobile application.
• Instant push notifications for every transaction, together with budgeting and spending-analysis tools.
• Virtual and physical debit cards, with the option to freeze, unfreeze or set spending limits directly in the application.
• Deposits held with Revolut Bank UAB are protected under the Lithuanian deposit-guarantee scheme, up to the amount set by European Union law.
• A single application covering personal finance, business accounts, and additional financial tools such as savings accounts, depending on the customer's country and plan.

6. How a personal account is opened?

• Download the Revolut mobile application and register using a mobile phone number and e-mail address.
• Enter personal details, including full name, date of birth and residential address.
• Verify identity by scanning an identity document, such as a passport or national identity card.
• Complete a short liveness check, usually a selfie or a brief video, to confirm the identity of the applicant.
• Once verification is approved, a virtual card and account number are issued immediately inside the application.
• A physical card can be ordered afterwards and delivered by post to the customer's address.

7. How a business account is opened?

• Register through the Revolut Business website or application, choosing the country and type of company.
• Provide details of the business, including the registration number, registered address and business activity.
• Provide information about the ultimate beneficial owners and directors of the company.
• Upload supporting documents, such as the certificate of incorporation and identification documents of the company representatives.
• Undergo the verification and compliance review carried out by Revolut.
• Once approved, the business account is activated, and corporate cards, payment collection tools and multi-currency business accounts become available.

8. Fully online bank

Revolut Bank UAB operates entirely online. It has no physical branch network for customers to visit; every account is opened, managed, and operated exclusively through the mobile application or the web platform, and all customer support is provided remotely through the application, chat or e-mail rather than in person.

9. Is Revolut the first bank of this kind?

Revolut is not the first fully online bank. Fully digital, branchless banks existed well before Revolut was founded. Security First Network Bank, launched in the United States in 1995, is generally regarded as the first internet-only bank in the world. Among more recent European digital banks, N26 was founded in Germany in 2013, two years before Revolut, and obtained its own banking licence earlier as well. Revolut Bank UAB should therefore be described as one of the notable digital banks operating within the European Union, licensed in Lithuania, rather than as the first online bank in the world or in Europe.

We at Exquisite Ltd also hold our own personal and business accounts with Revolut Bank. Many of our clients also hold their own bank accounts with Revolut Bank.

www.exquisite.bg; office@exquisite.bg