Revolut: Online banking still operational in Ireland despite the closure of the Irish hub

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The fintech company is dismantling its Irish operations, but Irish users will still be able to use its services.

However, this does not mean that Irish online banking users will no longer have access to Revolut and its features.

The fintech company, headquartered in London but licensed as a bank in Lithuania, will continue to serve its nearly two million customers in Ireland, while products and services will continue to be managed from Lithuania.

Revolut bosses initially planned to implement an east/west strategy in which Western European operations would be run from Dublin while Western European operations would be run from Lithuania.

Revolut Payments Ireland was intended to leverage the Irish licenses, once they were authorised, and Revolut’s Western European customers were to be migrated.

However, after spending around €4 million over two years on hiring and operational set-up, the strategy was abandoned.

Sources have told the Irish Independent that the company’s Irish business has been downgraded in importance within the wider group after it was left with just one director for most of 2022 and missed the date September 30 deadline for filing their annual return with the Companies Registry Office.

Revolut Bank chief executive Joseph Heneghan is the only remaining member of the board after the departure of five other directors earlier this year following the withdrawal of Revolut’s application to be licensed by the Central Bank of ‘Ireland.

Around 60 staff – mostly in sales, marketing and support – remain in Dublin, but prospects for expansion are limited, the sources said.

“As widely reported at the time, in February 2022 Revolut decided to serve its Irish customers using its new full European banking licence, rather than via the Irish e-money licence,” a spokesperson said. .

“This has enabled us to offer our customers in Ireland new credit products, including personal loans, as well as a bank account backed by a deposit guarantee scheme.”

Plans for a new Revolut business center in Ireland began to crumble in December 2021 when the company obtained a banking license from the central bank of Lithuania.

At the time, Revolut had already been waiting 30 months for its approval as an electronic money institution and retail intermediary.

Sources said the company, founded by Nikolay Storonsky, eventually grew frustrated waiting for the process with the Central Bank of Ireland to cooperate, so it went in a different direction.

The digital finance company is now banking in various European markets using only its status as a Lithuanian bank.

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