Brexit fears push geographic diversification at Revolut
London-based digital payment provider Revolut has applied for an e-money license in Luxembourg in case the Brexit impact creates legal complications.
Revolut is not alone, as fintechs have struggled with the impact of Brexit for the past two years as the U.K. negotiates its departure from the European Union.
It’s a potential hit to London’s status as a technology hub, given Revolut’s fast growth, which has seen the company draw hundreds of millions in new investment dollars and an expansion in its product line as Revolut adds more financial services in seeking to become a bank.
Revolut has asked Luxembourg authorities how many staff members it would need in Luxumbourg to qualify for a local license, reports the Luxembourg Times. Revolut also applied for a banking license in Lithuania, in another hedge against Brexit.