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.
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