UK digital payment firm Revolut is to establish an office in Luxembourg in case Brexit disrupts operations, according to the Financial Times. The firm’s co-founder, Nikolay Storonsky, was quoted by the UK financial daily as saying they had applied for an e-money licence in Luxembourg “to be on the safe side”. Storonsky reportedly does not plan to leave London but told the FT that he expected City to lose its standing as a financial centre. The article says that last year Revolut applied for a banking licence in Lithuania. And this week the firm is expected to announce plans to launch its services in Tokyo, Japan. According to its website, Revolut was founded in July 2015 and offers free international money transfers, fee-free global spending at the interbank exchange rate. Delano contacted Revolut for further information, but they did not respond before publication.
Nikolay Storonsky, co-founder of Brexit challenger bank Revolut, has said the firm will apply for an e-money licence in Luxembourg "to be on the safe side" and avoid any disruption from UK. Storonsky was reported as saying he does not want to leave London, but does expect the City's standing as a financial centre to be lost after the Brexit leaves the European Union.