Those who choose to upgrade to Revolut Bank for additional services will now have their deposits protected under the deposit guarantee scheme, the company said.
Revolut currently claims to have more than 160,000 customers in Latvia, and more than 15 million users worldwide.
“Launching the bank in Latvia will provide a greater level of security and confidence for our customers, and will enable us to launch a host of new products and services in the near future,” said Virgilijus Mirkes, Chief Executive Officer of Revolut Bank.
Last year, Revolut also launched its specialized bank in Poland and Lithuania.
