Digital banking unicorn Revolut is allegedly looking to move its European payment functionalities to Ireland and Lithuania.
Following the UK’s exit from the European Union, companies are exploring the ways they can continue their operations as normal.
The UK-based challenger bank is looking to reposition its European payments to Ireland and Lithuania so it can continue to make use of the European passporting rights in the EU, according to an article from the Telegraph.
European passporting permits a company regulated in one EU member state to do business throughout the EU.
Revolut’s new 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.”
He went on to explain that due to having a strong European presence having multiple regulated entities for the regions is important.
Revolut still has a UK EMI licence and will use this to support customer in the country.
The digital bank also announced it would be opening credit offerings later in the year, the article said.
Earlier in the year, it was reported Revolut was eyeing a new funding round which would value the business at $5bn. It is not clear how much the company would be looking to raise but some places are claiming it would like to raise $1.5bn in a mix of equity and convertible loans.
Within the first month of the year, the challenger bank has released a number of new services. It recently launched a new interest rate on savings accounts for metal card holders and a customer loyalty programme which lets customers use certain airport lounges.