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Used by more than 25m globally, Revolut hopes to become the bank of choice for Irish customers to receive their salaries and set up direct debits.
Revolut has completed the process of transferring its more than 2m customers in Ireland onto Irish IBANs as the fintech challenger seeks to encourage more people to use it as their primary bank.
Previously, Irish customers of Revolut had Lithuanian IBANs, which has been the case since 2020 when the company had to move its Irish accounts to the Eastern European country due to post-Brexit licensing issues.
Revolut, which is headquartered in London, first revealed it was launching Irish IBANs in January after the neobank achieved official status as a bank in Ireland. The aim is to compete with traditional players such as Bank of Ireland and AIB in becoming Irish customers’ bank of choice for receiving salaries and setting up direct debits.
For those already using their Lithuanian IBAN for salaries or direct debits, Revolut gave users two months to let the concerned parties know of their new Irish IBAN.
Joe Heneghan, chief executive of Revolut Europe, said that the company with more than 25m customers globally was aiming to being a “financial super app.”
“With more than half of adults with a smartphone using Revolut in Ireland, and Revolut being used as a verb, we’re proud to see that our customers have embraced our financial super app and all of its helpful feature,” Heneghan said.
“But as we take our next step as the financial super app, offering accounts with Irish IBANs for our customers in Ireland, we hope to see more of our customers use Revolut as their primary account for a seamless experience.”
Last month, Revolut said it was rolling out a car insurance service in Ireland with a waitlist in place until its expected launch before summer. It also launched a credit card service earlier in the year along with making loans of up to €20,000 available through the app.
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