Revolut Merges European Firms to Form Unit With 17 Million Users

Revolut Ltd. is merging its two entities in Europe, enabling the fintech to offer a wider range of banking services to its customers on the continent.

Revolut Payments UAB, which holds an e-money licence and has around 13 million customers, will merge with Revolut Bank UAB which has around 4 million customers, according to an email sent to clients and seen by Bloomberg.

The merger, which is expected to be completed on July 1, means Revolut Bank is now able to offer deposit taking and loan granting services and also payment services.

“After being granted a full banking license in ...