Merger of Revolut Payments UAB and Revolut Bank UAB

Revolut · 28 April 2022Emma Potter

Note: This information is relevant to customers within the EEA, who are serviced by Revolut Bank UAB.

At Revolut, we’re always working to improve things behind the scenes, so that you get the best possible experience. On 1 July, we’re merging Revolut Payments UAB into Revolut Bank UAB. This means all our Revolut Payments UAB customers will be migrated to Revolut Bank UAB and become our bank’s customers from 1 July onwards. At Revolut France, the French branch of Revolut Payments UAB and its customers will be transferred to the French branch of Revolut Bank UAB as part of the merger.

At the end of last year, our EU specialised banking license was extended into a full banking license, meaning Revolut Bank UAB is now allowed to offer not only deposit taking and loan granting services, but also payment services. That made this merger possible, and means we’ll be able to keep offering exciting new products and services to all our customers via Revolut Bank UAB.

What does this mean for me?

You don’t need to do anything, but here’s a quick overview of the main changes:

  • The funds in your current account and, if applicable, your demand deposit account up to EUR 100,000 will be protected by the Deposit Guarantee Scheme
  • If you’re using another service or product offered by Revolut Payments UAB (excluding insurance distribution services), from 1 July 2022 these services and products will be provided by Revolut Bank UAB.
  • From 1 July 2022 our new insurance distribution entity, Revolut Insurance Europe UAB, will be responsible for arranging Travel and Everyday Protection insurance as part of your Plus, Premium or Metal subscription with Revolut Bank UAB, as well as answering any questions you may have about your insurance coverage.  Read more about any further changes to your Plus, Premium & Metal Terms.

Your account details, including IBAN, won’t change. Your account with Revolut Payments UAB will be transferred to Revolut Bank UAB and become a current account, but you can still use your Revolut account to make payments and hold funds as you always have.

If you’re a  customer of Revolut France, the French branch of Revolut Payments UAB, your account will be transferred to the French branch of Revolut Bank UAB. Once this merger is complete, the SIRET number (identifier for companies and business in France) of Revolut France will no longer be used. We’ll send you an email with a new SIRET number assigned to the new French Branch of Revolut Bank UAB.

Share article