Revolut has taken a further step towards positioning Lithuania as a key market as the innovative FinTech announces the launch of a Vilnius-based office and team.
The Vilnius-based team will be responsible for accelerating ambitious growth targets across Lithuania as well as strengthening the service in Latvia and Estonia. Revolut has appointed Andrius Bičeika as Country Manager and Ieva Elvyra Kazakevičiūtė as PR & Community Manager, with further additions to the team set to join in the near future.
Revolut signed a memorandum of understanding with the Bank of Lithuania last October, announcing that it will also be seeking a banking license in Lithuania.
The move comes as Lithuania is named as the company's third largest market with nearly 50,000 customers to date. Last month, Revolut raised a Series B investment round of $66m and then stated that Vilnius would become the permanent home of the new Baltics team.
Revolut Baltics team is also going to strike local partnerships to enrich local users’ experience by partnering with innovative local brands to offer discounts or integrated solutions in the areas of insurance, telecommunications, investments, travel, and others. The newly set up office will also start hosting ‘RevRallies’ as part of the global Revolut event series. The events will invite current and future users to meet the creators of the company and encourage networking within the fintech and finance community.
Revolut allows Lithuanian customers to open an app-based current account in 60 seconds, send free domestic and international money transfers, hold and exchange 26 currencies in-app with the real exchange rate and spend fee-free globally in 120 currencies with a contactless MasterCard.
The innovative fintech is also planning to launch cryptocurrency integration and a wealth management product across Lithuania later this year. Revolut will allow customers to round up their transaction to the nearest Euro and invest that money into company stocks and bonds as well as plans to allow Lithuanians to open high interest savings accounts in other major European nations.
Andrius Biceika, Country Manager for the Baltics said:
“Lithuanian talent has been building Revolut from the very beginning. The company has always had close ties with the country and the launch of our local team is another step towards strengthening our relationship. We will be planning our further growth based on the availability of the most talented professionals in IT and customer support in the market.”
“Lithuania is not immune to banking fees and poor banking technology. With instant spending notifications, free money transfers and personal IBAN accounts, Revolut is redefining banking across the country and providing the people with a real alternative to an everyday bank account.”
Mantas Katinas, Managing Director for Invest Lithuania:
„By attracting a number of different companies from the UK, Israel, China, Singhapore and elsewhere, Lithuania has definitely become the regional fintech centre over the last several years. Given that the industry is still developing, companies like Revolut allow us to significantly strengthen our growing fintech cluster. We hope that Revolut will help unlock Lithuania's full potential and the Lithuanian team will continue to grow."
Revolut was launched in London in July 2015 by former bankers Nikolay Storonsky and Vlad Yetsenko. Revolut has raised a total of $88m to date from some of the best known investors including Index Ventures, Ribbit Capital and Balderton Capital.
Read here to learn more about FinTech in Vilnius.