London-based fintech, Revolut, having received its European banking license in late 2018 from European Central Bank and Bank of Lithuania, is expanding its service by opening a bank within Lithuania, according to a company press release.

The company, which has 25 offices and over 10 million customers globally, will accept deposits of paychecks and funds in the new bank which will be protected up to 100,000 euros ($108,444) by Deposit and Investment Insurance of Lithuania. 

Existing Revolut customers can upgrade from their present e-money accounts to bank deposits through the Revolut app. Plans for the future of the bank will include launching Revolut Junior, a banking program for children, pre-teens and teens aged 7-17 that allows young people to manage their own budgets but gives parents the ability to view spending habits and control the account. Revolut also plans to offer consumer loans and credit cards. By using its Lithuanian banking license, the aspires to be a regional financial hub for Central and Eastern European countries.

"Revolut has become a trusted household name in Lithuania, Virgilijus Mirkės, CEO of Revolut Bank said in the release. "We have achieved this by solving our customers' problems, treating them fairly and being at the forefront of financial innovation. We are incredibly excited to take the next step in our mission to build a world-class bank for our customers in Lithuania."

Revolut launched its mobile banking service in the U.S. in March.