Revolut’s Ascent in Lithuania: A Banking Market Disrupted

Lithuania’s banking sector is experiencing a significant shift, with UK-based fintech firm Revolut rapidly gaining prominence. In just five years, Revolut has grow the largest bank in Lithuania by assets, challenging the dominance of traditional players like Swedbank, SEB, and Luminor. This growth is contributing to increased profitability within the Lithuanian banking system, though the gains aren’t evenly distributed.

Revolut’s Market Share and Profitability

As of July 2025, Revolut controls 35.8% of the Lithuanian banking market by assets [1]. This surpasses Swedbank’s 23.5% and SEB’s 17.7% [1]. The company’s profit has more than doubled, contributing to an overall 3.5% increase in net profits for Lithuanian banks in the first nine months of 2025, reaching €816 million [1].

Impact on Traditional Banks

While Revolut thrives, the three systemically important banks – SEB, Swedbank, and Artea (formerly Šiaulių Bankas) – experienced a collective 6.8% decrease in profits, totaling €528.2 million [1]. Yet, smaller banks saw a 6.4 million euro increase in profit, reaching 10.9 million euros overall [1]. Currently, 19 banks operate in Lithuania, including six branches of foreign banks [1].

Market Share Breakdown

Beyond Revolut, Swedbank, and SEB, Artea holds a 6.2% market share [1]. Luminor, operating as a branch of a foreign bank, commands a 9.4% market share, making it the largest foreign bank branch in the country [1]. Foreign bank branches collectively represent 13.9% of total banking sector assets [1].

Growth in Lending and Deposits

The Lithuanian banking sector has also seen substantial growth in lending. The credit portfolio increased by €2.1 billion (6.1%) in the third quarter of 2025, reaching €37.1 billion [1]. Loans to citizens rose by 5.4% to €19.6 billion, while corporate loans increased by 5.1% to €14.3 billion. Deposits held in Lithuanian banks reached €72 billion by the complete of September [1].

Outlook and Stability

Julita Varanauskiene, Deputy Chairman of the Board of the Bank of Lithuania, notes a trend towards decreasing profitability indicators, suggesting a return to more stable, long-term levels [1]. The entrance of Revolut and potential future entrants, like Commerzbank and PKO Bank Polski, are fulfilling a long-held desire to increase competition within the Lithuanian banking market, a goal previously articulated by President Gitanas Nausėda [1].