By Oliver Smith on Monday 3 February 2020
The banking challenger’s headquarters will remain in London.
The move comes ahead of the potential loss of passporting rights as the UK races to agree a trade deal with Europe before the end of the year.
In an exclusive interview with The Telegraph, Davies revealed: “Strategically for Europe we are moving to a three-target licensed entity model.”
“We have already got the UK EMI license, and that will continue to serve the UK clients. The strategy is to have our central and eastern European clients on our Lithuanian EMI and bank license. For our western European clients we are in the process with the Central Bank of Ireland around authorising there to have western European clients on our Irish license.”
The model is similar to what many UK fintechs have shifted towards since 2016, establishing satellite offices in other EU states to protect against any eventuality.
While Revolut has its UK and Lithuanian licences in place, the startup will need to secure Irish approval before its model of having three regulated entities is complete.
Revolut is also hiring management teams for each of its three regulatory regions, with Joe Heneghan recently appointed Irish CEO and its Irish office looking to hire a Chief Operations Officer for Europe.