Revolut is reportedly shutting down plans for a Dublin hub, as the company dismantles its Irish operations.
The fintech company will not be running its west European business from the capital. However, its nearly 2 million Irish customers will still be able to access its services.
The Irish operations of the company has had just one director for most of this year. The five others were let go after Revolut's application to be licensed by the Central Bank of Ireland was withdrawn, Buzz.ie reports.
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Revolut also missed the deadline to file its annual return with the Companies Registration Office on September 30. The company had planned on making Dublin the hub for its eastern European operations while Lithuania would be the hub for its eastern European operations.
A Revolut spokesperson said: “As was announced and widely reported at the time, in February 2022 Revolut decided to serve its Irish customers using its new European full banking licence, rather than via the Irish e-money licence which had just been approved by the Central Bank of Ireland.
"This meant we were able to offer customers in Ireland new credit products, including personal loans, as well as a bank account backed by a Deposit Guarantee scheme.
"This decision has been fully vindicated by the take-up of Revolut’s innovative and responsible lending products, including Revolut Personal Loans and Revolut Pay Later; and by the welcome for the Deposit Guarantee."
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