Revolut, the app-based banking alternative, has announced today that it has signed up 30,000 customers across Ireland, making it the company’s fifth largest market.
Launched 18 months ago, the London-based startup has acquired 600,000 customers across Europe, making it one of the fastest growing fintech companies in the market. Revolut intends to reach 1M customers by the end of the year and believes Ireland will play a major role in achieving this target.
Revolut allows users to open a current account in 60 seconds, exchange currencies at the interbank exchange rate, transfer in 23 currencies to any bank in the world and spend fee-free in 120 currencies with a contactless MasterCard.
In addition to its financial service offerings, Revolut has technological advantages over the big banks, such as real-time spending alerts, budgeting controls, bill splitting and the ability to immediately freeze your card should it be lost or stolen.
Revolut will also be launching its business service this year, allowing Irish companies to sign up for multi-currency current accounts in minutes, make free international payments and allocate corporate cards to their staff for unlimited global spending with no fees.
The company has also announced that it will be expanding internationally this year to the United States, China, Singapore and Australia.
Peter O’Higgins, Cork native and CFO of Revolut:
“We are solving a real problem in Ireland. The big banks have been rubbing their greedy hands together, charging people fees for simple transactions, contactless payments and ATM withdrawals. We’re also bringing a sense of relief for cross-border selling between the North and the Republic, allowing users to hold both Euro and Pounds in their accounts and spend fee-free at the real exchange rate.”
Nik Storonsky, Founder & CEO of Revolut said:
“Ireland is a key a market for us and we’ve been growing exponentially there over these last 18 months. The reason why is simple; big Irish banks and their never-ending stream of charges. We’re also pushing out in-app technology that is generations ahead of the banks.