Revolut is expanding into the Irish bank market with a range of new services for their users.
The money app has recently been granted a full EU banking licence, which will allow the company to expand its offering to Irish users.
It currently has over 1.7 million Irish customers, as well as having approximately 100 employees based in Ireland.
But what changes should Irish users expect and what other services should we expect in the coming months?
Here's everything we know about Revolut's expansion into the Irish market.
What will be offered to Irish customers?
A plethora of new options for Irish customers will be offered in the months ahead.
A waiting list has already been created for people seeking to apply for personal loans.
Other lending products will be offered as we move further into 2022.
Irish users will also be able to sign up for a bank account with amounts up to €100,000 backed by the Lithuanian deposit guarantee scheme.
Why is it moving into the Irish market now?
Revolut's expansion couldn't come at a better time for Irish customers, with KBC and Ulster Bank set to leave the Irish market in the months ahead.
Around 1.5 million customers will be looking for a new bank when Ulster Bank and KBC leave.
Will current customers be able to take advantage of new products?
Yes. The new loan offerings and other services will be available to both old and new customers.
What licence has Revolut operated under in Ireland?
Revolut had been operating in Ireland under a UK e-money licence.
Revolut Europe Chief Executive Joe Heneghan said: "We are delighted to launch Revolut Bank in Ireland, offering Irish consumers more competition and innovation."
"With the imminent withdrawal of KBC and Ulster Bank from the market, it is clear that a new bank is needed to compete with legacy banks on price and service."
"Customers can now register their interest in a Revolut Personal loan, and we look forward to delivering more innovative products this year."
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