At the end of 2018г. Revolut has obtained a banking license valid throughout the European Union from the Central Bank of Lithuania. According to the EU rules for credit institutions, after registration as a credit institution in the BNB register, Revolut may provide banking services on the territory of the country.
After the entry in the BNB register, the British company is allowed to offer deposits with interest, loans and other services. These banking services will be protected up to the amount of € 100,000 by the European Deposit Protection Scheme under Directive 2014/49/ EU of the European Parliament and of the Council.
Bulgarian consumers who choose the additional services of Revolut Bank through the application will have protected deposits through the deposit guarantee scheme. According to unofficial data, the service has over 220,000 customers in Bulgaria.
Bulgaria, along with 8 other countries in Central and Eastern Europe, is another EU country where the fintech company receives a banking license. Thus, the British company has the right to conduct banking activities in Slovakia and Slovenia, Estonia, Latvia, Malta, Cyprus, Greece and Romania. The specialized banking license allows Revolut Bank to provide limited banking services through the mobile application. The registration process is very simple and takes a few minutes.
Obtaining a banking license brings several benefits to Revolut customers in Bulgaria. It will allow new services to be offered that the company has planned for. Some of these new services that Revolut Bank will offer are savings, stock trading, loans, as well as special accounts for children and youth. The company will also be able to offer credit products such as loans, credit cards and overdrafts.
It is important to point out that Revolut Bank and Revolut Payments are two separate companies.
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