REVOLUT has launched their first Revolut Bank product in Ireland – with a waiting list for market leading personal loans opening today.
Other lending products such as credit cards will launch later this year.
Revolut Bank has received a full banking license from the European Central Bank, which will make it possible to make Deposit Guarantee-backed bank accounts available to all Irish users by the end of the year.
However, this is subject to regulatory approval by the Bank of Lithuania.
This groundbreaking move follows the successful launch of Revolut Bank in the EEA amid the withdrawal of Ulster Bank and KBC from the Irish market.
Revolut currently holds the payments business with over 1.7 million customers in Ireland.
The company has opened a waiting list for its market leading personal loan product, marking the first steps of fintech to roll out Revolut Banking to Irish customers.
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Customers can apply for a loan instantly without filling in complicated forms and will receive an answer on their profile within seconds.
Revolut loans are also available to new customers, meaning that even users who sign up today will be eligible to apply for a loan.
Revolut Bank credit products and timely additional services will be made available to any new or existing Revolut customers.
Deposits held in Revolut Bank will perform a deposit guarantee of up to €100,000 per user supported by the Lithuanian Deposit Guarantee Scheme.
Revolut Bank has now launched in 28 countries across the EEA and has proven popular among customers looking for a new bank.
Revolut Europe CEO, Joe Heneghan, explains that the company is excited to give Irish customers more competition.
“We are delighted to launch Revolut Bank in Ireland, giving Irish consumers more competition and innovation,” he said.
“With KBC and Ulster Bank about to exit the market, it is clear that a new bank is needed to compete with the old banks in terms of price and service.
“Customers can now apply for their interest on a Revolut Personal loan, and we look forward to bringing in more innovative products this year.”
Revolut customers benefit from a standard plan with no monthly or quarterly subscription fees and no basic e-payment fees within the limits offered.
Revolut started operating less than a decade ago and has revolutionized the banking sector.
However, many users still only use their accounts to send money or when traveling abroad.
So far, Revolut has been operating in Ireland under a crypto license from Lithuania (formerly a UK license before Brexit).
This means that the customer has a Lithuanian Iban, but Revolut can still offer Iban Ireland while operating here under a Lithuanian banking license.
https://www.thesun.ie/money/8297231/revolut-launches-bank-product-ireland/ Revolut launches first banking product in Ireland along with other products including credit cards expected later this year