Revolut Bank continues its development in Ireland with deposit accounts added to its existing personal loans feature launched last month.
Popular finance and payments app Revolut has today said it is letting customers in Ireland use its deposit accounts following the launch of its European bank here.
Following its launch in Ireland, Revolut Bank is now live in 29 EEA markets. The fintech’s specialised bank licence which was granted by the European Central Bank last December allows it to provide limited banking services via the Revolut app.
The fintech company has more than 18m global users, with more than 1.7m of those in Ireland. Revolut now allows Irish customers to use use deposit accounts once they upgrade to Revolut Banking to avail of the additional services.
The deposits will be protected by a deposit guarantee scheme, with deposit protection of 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 process of updating from Revolut to Revolut Banking can be completed in the app itself. The company’s move into the banking sector has been ongoing for some time now. It comes as legacy bank players KBC and Ulster Bank consider their imminent withdrawal from the Irish market.
Last month, Revolut launched a personal loans feature, opening a waiting list for Irish customers to apply for loans instantly through the app. Irish users can now get personal loans with rates from as low as 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”, Heneghan concluded.
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