Revolut hints at new ‘payments and technology hub’ in Ireland

10 Sep 2019

Image: Revolut

Digital challenger bank Revolut has said it is considering a new ‘payments and technology hub’ in Ireland, praising the country’s tech ecosystem and talent pool.

Revolut has doubled down on its commitment to Ireland, saying it plans to place a “strategic focus” on the country and is eyeing it up as the potential location for a “payments and technology hub”.

Last month, Fora reported that Revolut was advertising for roles in Ireland and applying for an electronic money license. Now, the fintech unicorn has confirmed to that it is indeed applying for an electronic money institution license as part of its strategy to hold multiple licenses across a number of different markets. Currently, Revolut holds licenses in Lithuania and the UK.

The company said that it is “working with the relevant authorities” and plans to grow its Irish team in line with any progress it makes with the application.

“Following the successful completion of the review in Lithuania, our focus remains on building out our local banking team there,” a spokesperson from Revolut explained.

“We have also decided to explore the creation of a payments and technology hub in the Republic of Ireland, which is well known for its technology focus and talent pool. Our investments in both these European countries has been driven by what is in the best interests of our 7m customers.

“We’re excited to be working with some of the most highly regarded tech and financial services talent in both these countries.”

Luxembourg licence

News of a potential new Irish technology hub was previously indicated in Luxembourg magazine Delano, which was looking into why Revolut dropped its licence application in the country.

There was speculation that the application was dropped after comments were made in the Luxembourg parliament about fintech companies skirting national and international rules.

“Some of them get their approval even though they do not meet financial and banking regulatory requirements,” MP Laurent Mosar stated in Luxembourg’s Chamber of Deputies. “According to my information, at least one major company that has recently applied for approval would be flagged in its country of origin for non-compliance with existing regulations as well as for non-transparency.”

Revolut has denied that these comments were in any way related to the dropping of its Luxembourg application.

Eva Short was a journalist at Silicon Republic