London-based fintech company Revolut is going to shift the management of its payment operations from the UK capital to Ireland and Lithuania because of Brexit, a company executive told British media on February 3.
Revolut will use its Lithuanian banking licence, obtained in 2018, to serve customers in Central and Eastern Europe. The company will cover western European clients out of Ireland while the UK will be served separately, Revolut’s banking chief executive Richard Davies told The Telegraph.
“Brexit is the initial cause but it’s also a reflection of the great customer appetite we’ve seen across Europe where we’ve got millions of customers and growing very rapidly,” Davies said.
“As we’ve really grown with scale in Europe, having more than one regulated entity for Europe is really important and very common,” Davies added. The company boasts over 8mn customers.
Revolut, launched in 2015 in London by Russian-born entrepreneurs Nikolay Storonsky and Vlad Yatsenko, started by offering prepaid card services for foreign currency payments. After it obtained banking licenses across Europe, the company now offers banking services such as current accounts, loans and overdrafts.