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Revolut moves into Irish banking market

Revolut moves into Irish banking market

Revolut is to begin offering loans and credit cards to Irish customers, taking advantage of the withdrawal of KBC and Ulster Bank from the market.

The fintech, which already claims more than 1.7 million customers in Ireland, has opened a waiting list for the loans.

Revolut Bank is currently live in 28 markets in Europe, having been rolled out to ten additional countries last month.

Revolut holds an e-money licence awarded by the Irish central Bank, but has chosen to enter the local market using the full banking licence granted by the European Central Bank in December under the regulatory aegis of the Bank of Lithuania.

“In light of the withdrawal of Ulster Bank and KBC from the Irish market, Irish customers are in more need of alternative banking providers rather than an e-money account," says the firm “As Revolut Bank is now in a position to bring more competition and choice to the Irish banking market, we no longer plan to serve customers in Ireland using the e-money licence which the Central Bank of Ireland approved late last year."

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