Revolut has become one of the world’s most successful fintechs. How would you describe its mission in the evolving financial services landscape?
Our mission is actually quite straightforward – we aim to become a global bank. We’re expanding into markets all over the world. If I had to sum it up in one sentence: we want to be the go-to financial institution for both retail and business customers, offering all the financial services they need in one place. And beyond traditional banking, there’s also the travel offering and many other complementary services as well.
What key factors made Revolut choose Lituania as its European banking hub post-Brexit? What made the country stand out and how did Bank of Lithuania support your company?
From a trading perspective – and although I wasn’t yet at Revolut when the initial decision was made – I can share what I observed in the market at the time. Lithuania was actively positioning itself as a fintech hub, and the environment was, and still is in many ways, very supportive for companies like Revolut.
The regulator, particularly for trading and securities services, was approachable, flexible, and efficient in providing the necessary guidance and support.
In addition, Lithuania offers a strong talent pool – smart, hardworking professionals – which made it a natural fit for us when looking to scale and build a solid fintech team. Other factors, like a favourable tax environment, also played a role.
There were also some more organic reasons – some Lithuanian professionals were already involved in building Revolut from the early days. So, when the company had to make post-Brexit licencing decisions, that connection helped influence the choice. But undoubtedly, Lithuania’s regulatory approach and strategic focus on becoming a fintech hub were key factors.
Looking at the future, how do you see the role of digital banks evolving in the next 5-10 years?
Right now, there’s a clear comparison between traditional banks and digital ones. I believe we’ll see fewer traditional banks in the future – they’ll either consolidate or some may disappear altogether. Their legacy systems are outdated, difficult to update, and costly to maintain. They’ll need to invest heavily just to keep pace with agile fintechs like Revolut.
Over the next 10 years, I expect we’ll see more fintechs and fewer traditional banks. It’s far easier to launch a fintech today than it was a decade ago. You can now build a modern, scalable core system and connect a wide range of services via APIs and plug-ins.
Europe is particularly favourable for this kind of growth. With a banking licence in one EU country, you can passport services across the European Economic Area. For example, we obtained a trading licence in Lithuania, which allows us to offer services throughout Europe. That scalability is a huge advantage.
Revolut has recently introduced crypto trading and obtained its banking licence. What can we expect next?
Our main goal remains becoming a global bank. We’re entering new markets where we haven’t had a presence before – places like Brazil, Mexico, Australia, New Zealand, India, Japan, and many more. We want to be seen as a local player in each market, offering native accounts and services that make Revolut a credible primary banking option for residents.
And as mentioned earlier, Revolut isn’t limited to just banking or financial services. We’ve become a highly diversified company. We offer travel bookings, crypto, trading, and more.
Creativity drives our innovation, and we’re always exploring new ways to serve users. A good example is our recent move into telecom services, like eSIMs and ride-hailing. If it’s scalable, useful, and makes sense within the app, we’ll go for it.
About Rolandas Juteika
About Revolut
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