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British fintech Revolut secures specialized European banking license

British financial technology company Revolut Ltd. secured a specialized bank license from the European Central Bank, and an electronic money institution license from the Bank of Lithuania.

The specialized bank license will allow Revolut to accept deposits and offer consumer credit. However, it is not a full-range bank license, which means it is not permitted to provide investment services.

The electronic money institution license will enable Revolut to offer its card and payment services in Lithuania.