Revolut Bank has launched in Ireland, here's what it means for Revolut users 6 months ago

Revolut Bank has launched in Ireland, here's what it means for Revolut users

Irish users can register their interest via the app.

Revolut has opened a waiting list for Irish customers to join Revolut Bank, a service that would allow users to apply for personal loans and credit cards.

Advertisement

The payments business received a full banking license from the European Central Bank, which allows for bank accounts backed by a deposit guarantee, subject to regulatory approval from the Bank of Lithuania.

Revolut Bank hopes to allow customers to apply instantly for personal loans with simple forms, and to provide answers to applications "within seconds".

There is no requirement to have been a Revolut customer for a certain amount of time before you can apply, so new users can be eligible for a loan as soon as they create an account.

Credit cards are set to arrive via the app later this year.

Advertisement

Revolut said that the move to launch the service in Ireland is in response to the withdrawal of Ulster Bank and KBC from the market.

Deposits held within Revolut Bank will carry deposit guarantee protection of up to €100,000 per user backed by the Lithuanian Deposit Guarantee Scheme.

To date, Revolut Bank has launched in 28 countries across the EEA and has proven enormously popular with customers seeking a new bank.

“We are delighted to launch Revolut Bank in Ireland, offering Irish consumers more competition and innovation," said Revolut Europe CEO Joe Heneghan.

Advertisement

"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,” Heneghan added.

Revolut users can be added to the waiting list by going to the Hub in their Revolut app and tapping the Loans option under Credit.