Sunday 16 June 2019

Revolut to ramp up Irish services after securing EU banking licence

Revolut already has more than 200,000 Irish users on its platform
Revolut already has more than 200,000 Irish users on its platform
Louise Kelly

Louise Kelly

Consumer finance technology brand Revolut has taken the first step to bringing its full current account service to Ireland after securing a European banking licence in Lithuania.

The licence will allow the alternative to traditional banks to offer full deposit and credit services, including overdrafts, personal loans and term deposits.

The London-based fintech, already has more than 200,000 Irish users on its platform - which helps customers manage their finances through a mobile app.

It expects to launch current account and other services here by the end of next year.

"It won't be done in the next six months, but we do expect to be up and running by the end of 2019," a spokesman said.

"Unlike other UK banks, this gives the customer complete clarity as regards their banking post-Brexit."

Through the new banking licence, customers will be protected up to €100,000 under the European Deposit Insurance Scheme.

Revolut also revealed its plans for commission-free stock trading early next year, a concept initially touted back in August.

Last month, Revolut secured licences to launch its digital banking offering in Singapore and Japan, as it announced plans to also expand in the US, Canada, Australia and New Zealand.

Launched in 2015, Revolut's initial draw for customers was the ability to spend and transfer money abroad with the real exchange rate.

Since then, additional features include the ability to buy and sell exposure to cryptocurrencies and a savings function 'Vaults'. 

Revolut has so far raised $336m from investors including DST Global, Index Ventures, Balderton Capital and Draper Esprit.

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