Home > Revolut gets its fourth FinTech license in Lithuania: Revolut Securities receives brokerage license
Revolut gets its fourth FinTech license in Lithuania: Revolut Securities receives brokerage license
10. December 2021
December 1, 2021, the Bank of Lithuania granted UAB “Revolut Securities” category B securities broker license. The license allows reception and transmission of client orders, safeguarding of client funds and securities, provision of investment management and investment advisory services. It is already the fourth license owned by Revolut in Lithuania, which is also holding an electronic money institution, an insurance broker, and a specialized bank license.
Lithuanian securities broker license issued under the European MIFID directive allows provision of brokerage and investment advisory services to the clients in all EU/EEA member states, including big national markets such as Germany and France.
Revolut founder and CEO Nik Storonsky commented to Lithuanian media that this was one of the reasons why the company choose Lithuania. “Securities brokerage license will allow us to accelerate the growth of our investment platform in all EU/EEA. Current clients will benefit from increased investors protection measures and transparency. This is one more step towards innovative financial services being available for everybody”, – Mr. Storonsky said.
Revolut launched the internet securities brokerage platform in 2019 and it is currently one of the most successful retail brokers having more than 1 mill. clients in Europe only. The company holds similar licenses in US and Australia. Innovative Revolut App allows investment into fractional shares, provides information on the securities market, statistics, company financial data, and securities market news.
According to the partner of ECOVIS ProventusLaw Kestutis Kvainauskas, Revolut probably is the Lithuanian record holder in the number of financial licenses held. “Holding 4 licenses issued by the Bank of Lithuania Revolut is the best example of how companies looking for an innovative licensing solution in all Europe use Lithuania as their home licensing jurisdiction to provide services in all European Economic Area”, – Mr. Kvainauskas said.
ECOVIS ProventusLaw is a Lithuanian partner firm of ECOVIS International network which is presented in more than 80 countries around the world. ECOVIS ProventusLaw is specializing in financial services licensing and compliance.