Revolut launches as a bank in Ireland

Revolut Bank is officially live in nearly 30 countries after launching in Ireland.

The bank will be available to the fintech’s more than 1.7 million Irish customers – which accounts for roughly a third of the country’s population.

With more than 18 million customers globally and 29 banks across Europe, Revolut is now bringing additional services to its Irish users.

This means that customers in Ireland who upgrade to Revolut Bank will have deposits of up to €100,000 protected under a guarantee scheme. 

This will be covered by the Lithuanian State company Deposit and Investment Insurance, where Revolut is based for its Irish customers.

The launch comes during a period of change in the local banking sector, with both KBC Bank and Ulster Bank exiting the market. 

Revolut Bank also recently dropped plans to use an e-money licence it secured from the Central Bank of Ireland.

The European Central Bank awarded the company a full banking licence in December last year, and Revolut said it intended to use this to offer services in Ireland rather than the one approved by the Irish regulator.

“Revolut is one of the fastest growing fintech companies in Europe because we put the customer at the heart of everything that we do,” Revolut Bank CEO Joe Heneghan said.

“Our customer experience is second to none, we have no hidden fees, and we are constantly building new and innovative financial products.” 

“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,” he added.

Just over a year ago the company officially launched as a bank in 10 European countries, including Bulgaria, Greece and Romania.

Additionally, just a few months ago, the digital banking challenger expanded further, launching as a bank in 10 more European countries, including Germany, Finland and Spain.