Payments unicorn Revolut has taken another step to prepare for Brexit by picking BearingPoint RegTech’s Abacus360 Banking solution.
The news comes on the back of Revolut recently receiving a Lithuanian banking licence to ensure it still has access to the European market after the UK’s divorce from the EU. It is by far not the only FinTech company to hedge its bets in this way to prepare for Brexit. Back in February, the central bank of Lithuania reported that over 100 financial firms had applied for a banking licence.
“The increasing complexity of regulatory reporting coupled with high cost pressure poses major challenges for reporting institutions,” said Jürgen Lux, CEO at BearingPoint RegTech. We are delighted to support Revolut in meeting these challenges with our comprehensive managed services offering.”
Revolut was launched in 2015 and began life by offering a prepaid card, allowing customers to spend and transfer money globally at the interbank exchange rate. Since then the scaleup has received unicorn status after closing a $250m Series C round in 2018, launched into the US and expanded its product portfolio.
“As we begin to embark on our journey towards becoming a global bank, we are proud to be working with BearingPoint as part of this important process,” says Nik Storonsky, CEO and founder of Revolut.
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