Revolut Handed Lithuania's Pioneering 'Specialised Bank' Licence

UK fintech Revolut has become the second firm to be granted Lithuania’s pioneering “specialised bank” licence, allowing it to carry out certain deposit-taking functions without holding full banking permissions.

The Bank of Lithuania announced early on Thursday that two Revolut entities had been awarded new permissions. Revolut Technologies was the recipient of the specialist bank licence, while Revolut Payments has been granted authorisation as an e-money institution.

As well as permitting lending services, the announcement also means the company is one of a handful of companies in Europe that can connect directly to interbank payment systems without being authorised as a full credit institution.

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