Revolut, a top digital bank based in the UK but operating around the world, has been approved to offer home loans.
According to Fintech Lithuania, Revolut will start offering mortgages across the European Economic Area, first in Lithuania. The group describes the approval as a “significant milestone” for the company as well as Lithuania’s vibrant Fintech ecosystem. The authorization arrives from Lietuvos Bankas (Bank of Lithuania), which is the central bank of the Republic of Lithuania.
Revolut was given a full banking license in Lithuania in 2021 after previously being approved for a specialized bank license. Initially, like many European Fintechs, Revolut operated as an e-money provider.
Revolut has yet to provide any details on its plans to roll out mortgages in the EEA.
Recently, it was reported that Revolut expects to hit $2bn (£1.7bn) in revenue and a double-digit net profit margin for 2023.
While many of its customers are located in the UK, Revolut reports over 35 million individual users and more than 500,000 business users. By offering mortgages in the EEA, Revolut may be able to expand its active user numbers in the region.