The information that Revolut was setting up in Luxembourg had been revealed by our colleagues of the press a few weeks ago. However, it had not been confirmed by the company itself after a discussion this summer. That’s why we weren’t too hasty! It seems we’re right as The Telegraph announced last night that the company decided to withdraw its Luxembourg’s e-money licence application and chose Ireland to develop its European business.
by: Charles-Louis Machuron
featured: Revolut after hours…
This is a major blow for the Luxembourg fintech ecosystem, which was hoping for a world-renowned company to pull its ecosystem even further upwards.
With a lot of lobbying and presence at international conferences, Luxembourg, through the Minister of Finance, CSSF – Commission de Surveillance du Secteur Financier, LuxembourgForFinance – the Agency for the Development of the Financial Sector and LHoFT – Luxembourg House of Financial Technology, has been able to attract over the past two years many foreign companies wishing to be granted the precious licence to operate in Europe.
This has allowed the country to quickly position itself as a privileged hub for fintech and regtech companies and to develop a dynamic ecosystem now run by the LHoFT.
“Revolut is one of the UK’s leading digital banking start-ups and this week announced it had reached 7m customers. The firm was previously valued at $1.7bn (£1.3bn) but has faced questions over its allegedly tough work culture.”
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Right of reply
“Following the successful completion of the review in Lithuania, our focus remains on building out our local banking team there. As recently reported, 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 7 million customers. We’re excited to be working with some of the most highly regarded tech and financial services talent in both these countries.”
Statement by Revolut’s spokesperson