Revolut will offer more banking services thanks to a new license

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Revolut has launched a deposit account offer to its customers as the company tries to further penetrate the retail banking market with its new branch Revolut Bank.

The global financial platform uses its Irish banking license to offer clients deposit protection up to €100,000 through a program guaranteed by the Lithuanian state-owned Deposit and Investment Insurance company.

“Launching the bank in Ireland will bring a greater level of security and confidence to our customers, and allow us to launch a host of new products and services in the future,” said Chief Executive Joe Heneghan.

Although two retail banks have exited the Irish market, Revolut Bank cannot currently fill the void left by KBC and Ulster Bank, mainly because it currently provides mortgages, a key offering of any bank.

However, Revolut Bank has recently started offering its Irish customers the option of taking out personal loans.

The company says that in most cases, loan offers are made within a minute of submitting the application.

These loans range from €2,000 to €30,000 with interest rates starting at 5.99%.

It is unclear if they plan to introduce other banking services in the near future.

According to a survey by Revolut, 41% of Irish customers would deposit their wages with Revolut and 70% of customers said they would spend more through the app if they had their deposits insured.

“Revolut is one of the fastest growing fintech companies in Europe because we put the customer at the heart of everything we do,” said Heneghan.

Our customer experience is unparalleled, we have no hidden fees and we are constantly creating new and innovative financial products.”

To date, Revolut has attracted almost 2 million customers in Ireland and has over 18 million customers worldwide.

Around 150 million transactions per month are conducted through the company.

Through the Revolut app, customers can see exactly how much they’re spending each month and can set monthly spending budgets for categories like restaurants and groceries.

Customers can also manage fees for subscription services, send and request money from friends, and receive it instantly.

Revolut customers can also spend and transfer money globally with no hidden fees, and hold and exchange over 30 currencies in the app.

To avail the services of Revolut Bank, customers must go through an upgrade process which can be done through the Revolut app. Revolut Bank is now present in 29 EEA markets.

As Revolut enters the banking market, banks are trying to enter the fintech space. AIB, Bank of Ireland and Permanent TSB are three banks that planned to create a bank payment app designed to compete with financial services rivals like Revolut.

However, the competition regulator has halted the development of the app and is currently studying it.

Getting into the banking market isn’t Revolut’s only recent ambition.

The company also wants to provide investment services to its clients.

Earlier this year, Revolut Securities Inc launched a trading platform in the US, the latest app-based broker to woo a generation of young investors.

The application allows trading in listed stocks and exchange-traded funds.

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