Revolut is bulking up its Irish base as it seeks approval from the Central Bank

The company is the latest fintech giant to expand in Dublin.

By Jonathan Keane Reporter, Fora

FINTECH COMPANY REVOLUT is staffing up its Dublin office and will be seeking regulatory approval from Irish authorities.

The company stated that it is in the process of pursuing electronic money licence approval from the Central Bank of Ireland in a recently posted job advertisement. 

Electronic money licences are a necessary regulatory spoke in the wheel that allows companies to carry out services like electronic payments in the European Economic Area.

With Brexit looming, London-headquartered Revolut and many others have sought various licences in other countries. Stripe and UK fintech company Soldo for example are now approved as electronic money institutions in Ireland.

The company declined to comment when contacted by Fora. 

Having registered a legal entity here in May, Revolut is currently recruiting for a number of roles including a new chief financial officer for Ireland. The company is also hiring a Dublin-based chief risk officer and filling a number of roles associated with fraud and financial crime prevention. 

Last week Revolut, which is valued at a reported near-$2 billion, appointed former Metro Bank finance director David MacLean as its top CFO in the company. He is due to take up the role later this year.

Revolut is looking for data scientists and engineers in Ireland specialising in computer vision – the detecting and understanding of visual data – to build and develop solutions for monitoring customer checks and other financial crime prevention processes.

The London-headquartered firm said that Ireland is its fourth biggest market with over 310,000 customers.

Revolut meanwhile secured a banking licence in Lithuania in late 2018. This move was subject to criticism with one Lithuanian lawmaker saying Revolut had ties to Russia and was trying to “intervene into the political processes here (in Lithuania)”. Revolut chief Nikolay Storonsky denied the claims.

Get our Daily Briefing with the morning’s most important headlines for innovative Irish businesses.