The move has been welcomed by price comparison and switching services.
Revolut has officially begun operating as a bank in Ireland with the launch of protected deposit accounts for Irish customers.
Customers in Ireland who upgrade to Revolut Bank for additional services will now have their deposits protected by a deposit guarantee scheme.
Funds of up to €100,000 will be protected under the Lithuanian deposit guarantee scheme.
The move to launch Revolut Bank in Ireland follows the imminent withdrawal by Ulster Bank and KBC from the market, which has left 1.5 million customers facing the prospect of changing banks.
Revolut has more than 1.7 million customers in Ireland and said it has operationalised its European specialised banking licence here.
“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”, said Joe Heneghan, Chief Executive Officer of Revolut Bank.
Last month, Revolut Bank started providing Irish customers with the option to take out personal loans with the loans ranging from €2,000 to €30,000 with interest rates from 5.99%.
Credit cards are also set to arrive via the app later this year.
To date, Revolut Bank has launched in 28 countries across the EEA and has proven enormously popular with customers seeking a new bank.
"It's great to see a new generation of banks roll out in Ireland and give consumers more choice and control over their finances," said Eoin Clare, Managing Director of Switcher.ie.
"Digital banks have been growing in popularity and offer unprecedented opportunities to keep complete control of your spending."
