Revolut Lithuania cross-border clients surged from 557 in 2022 to more than 2.5 million by the end of 2023, turning a small Baltic jurisdiction into the second-largest source of cross-border retail investment clients in the entire EU and EEA, according to data published by the European Securities and Markets Authority (ESMA).
ESMA does not name the firm responsible. But the profile it describes, a single Lithuanian-registered company that accounts for virtually the country’s entire cross-border retail client base, maps closely to Revolut Securities Europe UAB, the group’s Vilnius-based investment entity.
How a Single Migration Created Revolut Lithuania Cross-Border Clients at Scale
The growth was not driven by a flood of new European investors discovering Lithuanian brokers. During 2023, Revolut Securities Europe migrated more than 1.1 million EEA-based customers from its UK affiliate, Revolut Trading Limited, onto its Lithuanian books. That internal transfer, combined with new client growth, brought the entity’s reported customer count to more than 2.5 million by year-end.
The distinction matters for anyone reading ESMA’s headlines. Cross-border client totals count reported service relationships, not unique individual investors. One person may appear in the data more than once if they hold accounts with multiple firms. The Lithuanian numbers reflect a structural reorganisation as much as they reflect genuine market expansion.
ESMA’s 2023 cross-border data report (published 15 July 2024) records the intermediate picture: Lithuania had a single firm reporting approximately 1 million cross-border retail clients in 2023, already up from just 557 a year earlier. The ESMA 2023 cross-border provision report also shows Cyprus was the largest jurisdiction that year, with 78 firms serving 3.4 million clients, up from 2.65 million in 2022.
Where Lithuania Sits in the Wider EU Picture
By the time ESMA published its December 2025 report covering 2024 activity, Lithuania had risen to second place overall. Germany leads with more than 3.5 million retail clients using outbound cross-border investment services; Cyprus is third with more than 2 million. The ESMA cross-border investment services supervision report published 20 July 2026 identifies Lithuania as second also in terms of cross-border complaints, which rose from zero to 1,562 over the same period that clients multiplied.
Firms based in Cyprus, Lithuania, Germany and Ireland together accounted for 86% of all EU and EEA retail clients receiving cross-border services. Lithuania alone represented 24% of that total. The five largest individual cross-border providers across the bloc each served between 700,000 and 2.6 million retail clients, and one of them was based in Lithuania.
The ESMA July 2026 follow-up peer review report notes that the cross-border provision of investment services ‘continues to grow in scale and complexity’ and encourages national regulators with significant outbound activity to ensure their supervisory approach matches that scale. Lithuania is not among the six national authorities assessed in the peer review itself, but its scale places it squarely in the frame for future scrutiny.
Revolut Securities Europe UAB was incorporated in Vilnius in June 2021 and received a Category B investment firm licence from the Bank of Lithuania later that year. Under its MiFID II licence (a European framework requiring investment firms to be authorised before serving clients across member states), it provides execution, portfolio management, investment advice and custody, passporting those services across all other EEA jurisdictions.
Assets held on the platform stood at more than €3 billion at the end of 2023, including €2.96 billion in client securities. By the end of 2024, that figure had risen to €9.1 billion, according to Revolut’s 2025 annual report. Revolut describes itself in that report as Europe’s most valuable private technology company, with a stated goal of serving 100 million people globally. Financial statements for the Lithuanian entity are available via Revolut Lithuania.
Finance Magnates contacted Revolut for comment on the client migration details and had received no response by the time of publication.
For UK ISA or SIPP holders, the immediate relevance is limited: Revolut Securities Europe serves EEA clients, not UK retail accounts. But the data illustrate how quickly regulated investment scale can concentrate inside a single entity, and how ESMA’s aggregate figures can mask a structural reshuffle rather than reflecting organic demand. The next ESMA data release, covering 2025 activity, will show whether Lithuania’s position holds now that the one-time migration effect has fully worked through the numbers.
