Revolut Bank hits €1bn credit milestone with 300,000 Irish customers using its borrowing facilities

Revolut has more than 3.4m of these users in Ireland, representing the highest penetration per capita in the world

Revolut Bank says its credit portfolio in Ireland has surpassed €1bn, as it continues to challenge the country's pillar lenders.

Revolut Bank says its credit portfolio in Ireland has surpassed €1bn, as it continues to challenge the country's pillar lenders.

The digital banking giant says its active credit card base has more than doubled in Ireland over the past year. Revolut has 80m customers worldwide with more than 3.4m of these users in Ireland, representing the highest penetration per capita in the world. On Monday, Revolut said it has reached the €1bn in just four years since offering its credit facilities.

The company says 300,000 Irish customers are now borrowing using Revolut. 

“Our credit book has grown steadily over the past four years, proving that Irish consumers are looking for more flexible and agile alternatives,” said Revolut Bank head of lending Rob Mooney. "We’re excited by the fact that there is still room to grow; we’ve already firmly established ourselves as a significant credit provider here, evidenced by our growing loan book and market share for new credit cards."

Revolut Bank’s customers in Ireland have over €2bn in savings, rising by more than two-thirds in the last 12 months. More than 1 in 10 of Revolut’s 3.4 million customers are now investing, with investment portfolios totalling over €1.2bn.

Revolut also said its peer-to-peer (P2P) payments activity has continued to rise. When analysing a 6-month period, a greater percentage of users are making P2P transfers today than in March. This comes amid increased competition in the P2P payments sector, with the launch of Zippay to AIB, Bank of Ireland, and Permanent TSB customers.

“People first used Revolut for easy payments and great value currency exchange, however, 86% of our 3.4 million customers are now actively using our app every month. The idea that Revolut remains only a payments tool is out of step with how Irish consumers actually manage their money,” said Revolut Bank country manager Malcolm Craig. “Our relationship with our customers means that Revolut Bank is a natural first choice for them as we expand our credit, deposit, and investment lines. We’re continuing to increase our market share in Ireland more broadly, in what is an increasingly competitive environment.”