Revolut Bank is now offering deposit accounts in Ireland, along with its personal loans feature launched last month.
Popular payments app Revolut has today (24 March) said customers in Ireland will be able to avail of deposit accounts following the launch of its European bank here.
Revolut Bank is now live in 29 EEA markets. The fintech’s specialised banking licence, which was granted by the European Central Bank last December, allows it to provide limited banking services via the Revolut app.
Revolut has more than 18m global users, with more than 1.7m of those in Ireland. Irish customers will now be able to use deposit accounts once they upgrade to Revolut Bank to avail of the additional services. This can be done in the Revolut app.
The deposits will be protected by a deposit guarantee scheme, with up to €100,000 guaranteed by the Lithuanian state company Deposit and Investment Insurance. The fintech moved its Irish accounts to Lithuania in 2020 following Brexit.
The company’s push into the banking sector has been ongoing for some time, and it has been eyeing the Irish market as legacy banks KBC and Ulster Bank consider their withdrawal.
Last month, Revolut launched a personal loans feature in Ireland, opening a waiting list for customers to apply for loans instantly through the app. Irish users can now avail of personal loans with rates from 5.99pc APR.
“Revolut is one of the fastest growing fintech companies in Europe because we put the customer at the heart of everything that we do. Our customer experience is second to none, we have no hidden fees, and we are constantly building new and innovative financial products,” said Joe Heneghan, CEO of Revolut Bank.
“Launching the bank in Ireland will provide a greater level of security and confidence for our customers, and will enable us to launch a host of new products and services in the future.”
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