Revolut to target more bank licences in Europe, but coy on Ireland plans 

Revolut has applied for a banking licence in the US and the UK. 

Digital payments company Revolut is expected to apply for more banking licences across Europe, which would give it the power to offer loans and other credit products, but has stopped short of saying whether Ireland is in those plans.

While it is not known if it will seek such a licence in Ireland — where it acts as a payments facilitating company and has around 1.5m customers — it already has applied for an e-money licence here.

That would see it fully regulated by the Central Bank and any money handled through its system fully protected.

Revolut has applied for a banking licence in the US and the UK. 

It already trades as a bank in 10 European markets including Greece, Latvia, Estonia, Croatia, and Cyprus.

It has appointed Sid Jajodia as chief banking officer to lead the roll-out of its international banking operations and has promoted its Ireland head Joe Heneghan to the post of CEO for Europe. 

The company said it will appoint a new head for its Irish operations in due course.

A proposed rival Revolut-style app joint-venture between AIB, Bank of Ireland and Permanent TSB — called Synch Payments — is currently being looked at by the Competition and Consumer Protection Commission.

A ruling from an extended first-phase investigation into the proposed project may not be completed before late July.

Revolut said its appointment of Mr Jajodia advances its target of becoming the world’s “first truly global banking platform”.