Revolut launches deposit accounts for 1.7 million customers in Ireland

abdelaziz Fathi

Fast-growing fintech Revolut has officially begun operating as a bank in Ireland with the launch of protected deposit accounts for its 1.7 million customers.

Revolut

Irish users can upgrade their status for additional services and to have their deposits of up to EUR100,000 protected under the deposit guarantee scheme in Lithuanian. The specialised bank licence also allows Revolut to provide limited banking services via its app.

The upgrade process will only take customers a few minutes from within the app. Revolut says the arrival of bank status provides users in the eligible countries with wide range of products and services.

“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.

After launching in Ireland, the Fintach unicorn is now operating as a bank in 29 markets across the European Economic Area.

The British-born startup is confident that the move would yield more business after a survey showed that 50% of respondents would deposit their salary on Revolut and 54% would spend more via the app if they had their deposits insured.

Revolut was valued at $33 billion

Revolut has been shifting business customers in Central and Eastern Europe from its London-based entity to Lithuania as it was preparing for Britain’s exit from the European Union. The challenger bank has secured a Specialised Banking License from the Bank of Lithuania, which allows it to offer and passport a wider range of solutions to customers in Europe. Revolut, which counts more than 18 million customers, allowed users to transfer their accounts from an e-money account to a fully-fledged bank account.

The company further explained that due to some differences between local regulations, they will ask some users to reverify their ID or provide details about their business when their accounts are migrated.

Revolut, which offers banking and trading services through an app, raised $800 million last year in a funding round that valued the firm at $33 billion. This valuation was a sixfold increase compared to nearly $5.5 billion the UK firm was worth in 2020.

Revolut has been among a number of app-only fintech companies that are looking to branch into banking as they diversify their revenue stream and bring new services to their existing customers.

The new business roll-out comes as the market for Fintech firms offering alternatives to traditional banks has become fiercely competitive. Revolut is already going up against other established rivals, such as Stripe, which recently expanded its portfolio of partner banks that have signed on to offer co-branded banking services.

Read this next

Metaverse Gaming NFT

DCentral Miami brings together all of Web3, NFT, DeFi, Metaverse

The world’s biggest Web3 meeting entitled DCENTRAL Miami is set to take place November 28-29, featuring a lineup of some of the biggest and most influential names in the blockchain space.

Digital Assets

Crypto ban expands across UK banks as Starling joins ‎crackdown

UK digital bank Starling has banned ‎all customer payments related to cryptocurrencies, another blow for the crypto traders ‎who recently saw a sizable number of banks deciding not to ‎finance the wobbly asset class.‎

Interviews

Markets Direct at FIA EXPO 2022: Traders know what they want from brokers

The FIA Expo 2022, one of the most prestigious events within the global derivatives trading industry, took place in Chicago on 14 & 15 November.

Interviews

FIA Expo 2022: TNS addresses public cloud limitations with hybrid infrastructure

November is the month of the FIA Expo, one of the largest futures and options conferences in the world, bringing together regulators, exchanges, software vendors, and brokers in one place: the Sheraton Grand Chicago Riverwalk. 

Retail FX

Italy’s regulator blacks out Finance CapitalFX, MFCapitalFX

Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.

Retail FX

Suspected leader of Honk Kong ramp-and-dump scam appears in court

A leader of a sophisticated ramp-and-dump scheme made his first court appearance in a Hong Kong court today, charged with market manipulation and various criminal offences. The case stems from an earlier joint operation of Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), and the local police. 

Institutional FX

Cboe’s James Arrante discusses growing demand for fixed income, FX algo

We caught up with James Arrante, senior director of FX & US treasuries product and business management at Cboe Global Markets, to uncover emerging trends in the FX and fixed income markets and learn more about the bourse operator’s recent initiatives.

Retail FX

Eurotrader acquires UK broker Petra Asset Management

Eurotrader Group has formally entered into the UK market with the acquisition of FCA-regulated broker, previously named Petra Asset Management Ltd. The new entity operates under the brand name Eurotrade Capital Ltd.

Inside View, Retail FX

The Game of Chess Continues – OPEC, China and the Oil Market

Over the past decade, the US has been complaining about the amount of power which the BRIC group, and specifically China, has on the global economy. BRIC stands for Brazil, Russia, India and China; these were the world’s fastest growing economies. Only in the past 10 months, the US has turned their attention toward OPEC due to the prices of fuel. Nevertheless, China seems to have a strong influence even over the price of crude oil.

<