Lithuania’s cross-border retail investment client base exploded from approximately 500 in 2022 to over 2.5 million by 2024, making it Europe’s second-largest cross-border market by client count. While ESMA has not named the firm responsible, regulatory filings point overwhelmingly to Revolut Securities Europe UAB as the driver behind this 5,000-fold surge.
The Lithuania-based entity, licensed in 2021 and operational since March 2023, appears to match ESMA’s description of a single firm accounting for nearly the country’s entire cross-border retail base. Lithuania now represents 24 percent of all EU cross-border retail investment clients, trailing only Germany’s 3.5 million and ahead of Cyprus’s 2 million. Complaints linked to Lithuania’s cross-border activity jumped from zero to 1,562 in the same period.
Just 16 locally licensed investment firms operate in Lithuania, yet one entity serves between 700,000 and 2.6 million clients across borders under MiFID II passporting rights.
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FXnCO Insight
** Revolut’s rapid client acquisition demonstrates how digital-first platforms can reshape regulatory landscapes overnight, making Lithuania-licensed entities critical watchpoints for cross-border compliance and competitive positioning.
Source: Finance Magnates