Digital bank Revolut is to temporarily move regulation of its one million Irish customers to Lithuania from Britain due to Brexit. However, it said it is being forced to migrate regulation outside Britain to ensure it can continue to serve customers. The move means that Revolut’s customers will be regulated by the Bank of Lithuania for the foreseeable future. “Our plan remains that, once the business in Ireland is authorised by the Central Bank of Ireland, we will migrate our Irish Revolut customers to the Irish entity (where the regulator will be the Central Bank of Ireland) and, in due course, many of our other Western European customers,” it said in a statement. The company, which obtained a full banking licence from the Bank of Lithuania last year, has a market valuation of $5.5 billion, according to PitchBook.

Source: The Irish Times October 01, 2020 14:24 UTC