The online financial platform Revolut is launching deposit accounts in Ireland. Customers’ funds of up to €100,000 will be protected under the Lithuanian deposit guarantee scheme.
The move to launch ‘Revolut Bank’ in Ireland comes ahead of the withdrawal by Ulster Bank and KBC from the Irish market, which has left nearly 1.5 million customers facing the prospect of moving banks. Last month, Revolut started offering personal loans.
A specialised bank licence allows the company to provide limited banking services via its app.
Joe Heneghan, Chief Executive Officer of Revolut Bank, said, “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.”
Revolut has more than 1.7 million customers in Ireland and more than 18 million customers around the world. After launching in Ireland, ‘Revolut Bank’ is now operating in 29 markets across the European Economic Area.
Price comparison and switching service Switcher.ie has welcomed the announcement by Revolut. Eoin Clare, Managing Director of Switcher.ie, said, “it’s great to see a new generation of banks roll out in Ireland and give consumers more choice and control over their finances. Digital banks have been growing in popularity and offer unprecedented opportunities to keep complete control of your spending.”