Revolut has received a banking license issued by the European Central Bank, following a proposal by the Lithuanian central bank.

The company will now provide payment services in addition to its current activities of accepting deposits and granting loans in Lithuania, according to an announcement by Bank of Lithuania.

Payment services include card payments, direct debit, credit transfer, cash withdrawal, money remittance, payment initiation, and account information services.

Banking services were previously provided by Revolut Payments, Revolut’s Lithuania business arm that held an electronic money institution license.

The Bank of Lithuania approved its merger with Revolut Bank at the beginning of October this year.

Revolut Bank held resident deposits of EUR 395 million, and had disbursed nearly EUR 12 million in loans to residents as of Q3 this year.

Meanwhile, Revolut Payments has carried out payment transactions for EUR100 billion in recent years, with EUR 170 million in operating income.

It holds over 50% of the electronic money and payment institutions market share in Lithuania.