Revolut promises to grow up as it seeks new investment

Revolut promises to grow up as it seeks new investment

Revolut secured a banking licence in Lithuania last year, a move that was celebrated as a sign of Vilnius’s success in becoming a leading centre for innovative companies. The four-year-old company is one of Europe’s fastest growing fintechs, and now processes more than $4bn in volumes for about 3m customers each month. However, given some of the recent well publicised money-laundering challenges faced by some more established banks in Eastern Europe, Revolut will be well advised to learn lessons early and avoid future regulatory problems. It has already been suggested that the central bank lacks the staff and expertise to oversee properly the influx of companies moving to Lithuania and this could affect its ability to exercise effective supervision. The combination of Fintech technology with such geo-political risks, if not properly mitigated, could pose significant financial crime risks.

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Ayaz Siddiqui, 9th May 2019

GRT Consulting

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