Dimitris Litsikakis, Revolut’s country manager for Malta, addressing the DELTA summit earlier this year
The popular digital bank Revolut has taken a huge leap in its evolution, securing a European banking license with Lithuania’s central bank.
This banking license will grant more peace of mind to customers to deposit their salaries into their Revolut accounts, as they will now be protected up to €100,000 under the European Deposit Insurance Scheme.
“With the banking licence now secured, commission-free stock trading progressing well and five new international markets at final stages of launch, we are living up to our reputation as the “Amazon of banking”,” Revolut CEO Nik Storonsky said. “Our vision is simple: one app with tens of millions of users, where you can manage every aspect of your financial life with the best value and technology.”
Revolut confirmed that its next big plan is to break into lending and to offer standard overdraft facilities, as well as personal and business loans at competitive rates.
“Our vision is that retail and business customers will be able to apply for a loan in just two minutes from within the app, and then have the money in their account almost instantly,” Revolut said. “We’ll remove the bureaucratic process and come in cheaper than traditional lenders.”
Dimitris Litsikakis, Revolut’s country manager for Malta, Greece and Cyprus, confirmed the fintech bank has ambitious plans where Malta is concerned.
“Revolut remains the fastest growing fintech account in Malta, but that’s still not good enough,” he said. “We’re not going to stop until Revolut is the most common card in the whole of Malta, and I’m confident we’ll get there once we begin to roll out full current accounts, consumer lending and commission-free stock trading across the country.”
Revolut, best renowned for its innovative features such as ‘split the bill’ ability, has seen it acquire some 3 million customers worldwide since launching in 2015. Malta has embraced it wholeheartedly with a whopping 25,000 people owning Revolut cards as of September and Prime Minister Joseph Muscat publicly endorsing their fintech product.
Its CEO caused a stir a few months ago when he accused Maltese banks of taking advantage of their customers for years with endless banking fees and “crappy technology”.