Revolut has officially launched as a bank in Ireland.
The company has today operationalised its European specialised banking licence in Ireland, with the launch of deposit accounts.
Customers in Ireland who upgrade to Revolut Bank for additional services will now have their deposits protected by a deposit guarantee scheme. Deposit protection up to €100,000 is guaranteed by the Lithuanian State company Deposit and Investment Insurance.
According to a survey carried out by Revolut, 41% of Irish customers would deposit their salary into Revolut and 70% of customers said they would spend more via the app if they had their deposits insured.
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The upgrade process will only take customers a few minutes and can all be done in-app.
To date, Revolut has attracted more than 1.7 million customers in Ireland, and the fast growing fintech is confident that deposit accounts, alongside Revolut’s wide range of other products and services, will provide customers in Ireland with more control, value and security than traditional banks
Joe Heneghan, CEO of Revolut Bank, said: "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.
"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."
Meanwhile, experts have hailed the move as a great one, with Eoin Clare, the managing director of Switcher.ie saying: "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 opportunity to keep complete control of your spending. At a time when budgets are stretched to the limits, consumers need to do everything they can to keep control of their finances.
"Useful features to help you manage your money and track your spending in the app can help you realise where you are overspending and get you back on track.”
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