8.6 C
New York
Thursday, May 26, 2022
Home Uncategorized Revolut reached 1.7 million Irish customers

Revolut reached 1.7 million Irish customers

Of the 5 million population, 1.7million people from Ireland use Revolut to some extent.

Revolut is also making major changes to its service in Ireland after it officially launched as a bank there.

Read also: Monzo awarded at British Bank Awards, dethrones Starling

Revolut has about 18 million customers globally, in Ireland the company now has 100 staff.

Daragh Cassidy, head of communications at the consumer financial help service Bonkers.ie, said: “Revolut has revolutionised what it is possible to do with your money on your phone. It has also forced the other banks in Ireland to really up their game – or at least try to, as they’re still miles behind Revolut when it comes to their online offering.”

He added: “Revolut has a great offering but as an online-only bank it probably isn’t ready to completely fill the void left by KBC and Ulster Bank just yet.”

Revolut is such a part of lifestyles, younger consumers have developed their own jargon when transferring money to their friends: “I’ll Revolut you.”

“Revolut has become an increasingly viable alternative to a traditional bank account over the past few years. But for some people, they won’t feel comfortable having Revolut as their sole bank account provider just yet,” claims Cassidy.

As mentioned by Cassidy, banks like KBC and Ulster bank are leaving the Irish market, is Revolut going to replace traditional banking?

What is confirmed is that Revolut plans to soon roll our credit cards and Irish IBANS.

Revolut can also boast some other impressive numbers in Ireland including the fact that half of its users are over 35 while the gender split between its customers is half-half.

Timeline by AltFi:

2015- Revolut launches in Ireland

2019- Revolut says it now has more than 500,000 customers

2019- Revolut hires Ulster Bank’s chief administrative officer Joe Heneghan to lead its Irish operations

2020- Revolut confirms it’s planning to shift responsibility for its European payments from London to Dublin as a result of Brexit.

2020- Revolut hits 1 million customers in Ireland

2021- Revolut was awarded a full banking license by the European Central Bank and Revolut says it intends to use this to offer services in Ireland rather than the one approved by the Irish regulator.

2022- Revolut officially starts operating as a bank in the Republic with the launch of protected deposit accounts of up to £100,000 for Irish customers

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

Revolut CEO Nik Storonsky launches his AI-based venture capital fund

Billionaire Nik Storonsky, the co-founder of Revolut, one of Europe's largest and richest startups, plans to launch his own AI-based venture capital fund to compete with legacy venture capitalists.

This is how Klarna will merge e-commerce with physical shopping

Klarna launches "virtual shopping" where online shoppers get access to experts in physical stores.

Revolut reached 1.7 million Irish customers

Of the 5 million population, 1.7million people from Ireland use Revolut to some extent.

Money20/20 “the place where fintech communities love to do business” is back

Money20/20 "the place where fintech communities love to do business" is back