Ukraine’s central bank has announced that Revolut does not possess a license to operate in the country, despite the London-based fintech’s recent declaration that Ukrainian residents can open accounts.
In early February, Revolut released a statement declaring, “Starting today, Ukrainian residents will be able to seamlessly open a European Revolut account and experience an array of innovative products.” In response, the National Bank of Ukraine (NBU) issued a statement confirming that “to date, Revolut Bank UAB has not received any licenses or permits from the National Bank of Ukraine, has not submitted relevant applications, and is not undergoing the business licensing procedure.”
The NBU clarified that Revolut Bank UAB is a Lithuanian-based foreign bank operating under a license that permits its services in European Union countries. Under Ukrainian law, companies wishing to enter the market must either establish a branch of a foreign bank or obtain a banking license issued by a Ukrainian authority. Both routes require NBU approval and involve a thorough evaluation process.
The NBU emphasized, “We support open competition and the development of financial technologies, but it is essential that all market participants comply with legislative and regulatory requirements.” They further stated that they will exercise their statutory prudential mandate to ensure the stability of the Ukrainian banking system and protect the interests of depositors and customers.
In response, a Revolut spokesperson remarked, “Revolut prioritizes compliance with local regulations and conducted a thorough evaluation before offering services to Ukrainian residents on a cross-border basis. Currently, we are providing services to Ukrainian residents through Revolut Bank UAB, which is based in Lithuania and supervised by the European Central Bank and the Bank of Lithuania. We offer EU accounts only and are not planning to open Ukrainian accounts without further authorization.”
The spokesperson added, “Revolut is serving hundreds of thousands of Ukrainian customers in the European Union and beyond. We enable instant fee-free payments between Revolut users, connecting Ukrainian families around the world. We have previously informed the Ukrainian regulator about our plans and will seek a local license in due course, working closely with the NBU to bring more innovative financial services to Ukrainians.”