Tag: revolut

Revolut enables Tap to Pay on iPhone for business and freelance customers in Ireland

Revolut, the global fintech with more than 45 million customers worldwide and over 2.8 million in Ireland, today announced that it has enabled Apple’s Tap to Pay on iPhone contactless payment acceptance technology for Revolut Pro and Revolut Business customers across Ireland.

With Tap to Pay on iPhone and the Revolut iOS app, designed for customers with a Pro account, such as sole proprietors or small business owners, or the Revolut Business iOS app for business of all sizes, Revolut customers will now be able to accept in-person, contactless payments with just an iPhone – no need for additional terminals or hardware. The feature provides an easy way for merchants to accept payments from contactless debit and credit cards, Apple Pay and other digital wallets that enable contactless transactions.

For payments to be accepted, customers simply need to hold their contactless card or payment device near the merchant’s iPhone until the transaction is complete, just as with a traditional contactless payment terminal. Apple’s Tap to Pay on iPhone technology uses the built-in features of iPhone to keep both business and customer data private and secure. 

Revolut Pro and Business customers can start using Tap to Pay on iPhone directly within the Revolut app or the Revolut Business app. New customers wishing to use Tap to Pay on iPhone can do so by downloading the Revolut app or the Revolut Business app on the Apple App Store using an iPhone XS or later running the latest iOS version. From there, they can sign up with a Revolut Pro or Revolut Business account directly within the app to start accepting contactless payments within minutes.*

James Gibson, GM of Revolut Business: “Since 2017, Revolut Business has been providing hundreds of thousands of business customers around the world with a comprehensive platform to manage business finances effectively. We are excited to be amongst the first to enable Tap to Pay on iPhone for our business customers in Ireland and to be providing this simple and secure solution that offers greater flexibility for accepting payments. We are continuously expanding the benefits of the Revolut Business platform, and this is another great tool to support customers to do business seamlessly.”

Alex Codina, GM of Merchant Acquiring at Revolut: “Our ambition in Merchant Acquiring is to provide customers with the products and services they need to accept payments in a secure and convenient manner. The launch of Tap to Pay on iPhone allows us to offer greater choice for both consumers and merchants in Ireland. We expect to see all kinds of businesses, from retail stores to barbershops and food stands, quickly start accepting in-person contactless payments with only an iPhone.” *Terms and Conditions apply.

Some contactless cards may not be accepted. The Contactless Symbol is a trademark owned by and used with permission of EMVCo, LLC. Tap to Pay on iPhone is not available in all markets.

Revolut launches Revolut Terminal, its new POS device

Revolut, the global fintech with more than 45 million customers worldwide and hundreds of thousands of business customers, has today announced the launch of Revolut Terminal in the UK and Ireland, with pre-orders beginning today in the UK and in the next month for Ireland. A new point of sale device optimised for speed, Revolut Terminal will allow businesses to accept payments in seconds and meet the growing demand for quick, reliable point-of-sale (POS) devices.

With its Terminal device, Revolut Business aims to deliver 99.9%+ platform uptime for uninterrupted sales even during the busiest periods. Integrated WiFi and SIM connections and a battery that lasts all day ensure the device is always ready to take payments on the spot when it matters most.

Available on exclusive pre-sale,* Revolut Business customers can access the Terminal at a cut price rate of €139 +VAT down from €189 +VAT and receive the device in time for the busy retail season; with Black Friday and Christmas on the horizon meaning merchants need a terminal they can rely on to take payments without downtime. While high demand for payments on Black Friday can occasionally cause digital outages for many providers, Revolut Business’ payment processing technology achieved 100% platform uptime on Black Friday last year.

The all-in-one solution offers Revolut Pay, a unique payment method where Revolut customers can pay directly from their Revolut app, earning RevPoints** — loyalty points accumulated from spending on Revolut — in the process at no cost to the merchant. When paying with Revolut Pay, customers can redeem their earned points for discounts on their spending. In turn, Revolut Pay transactions give merchants access to lower fees (0.5% + €0.02 for Revolut Pay transactions).***

Revolut Terminal integrates seamlessly with Revolut Business technology, aiding cash flow with funds accessible within 24 hours. It can be paired with our Point of Sale software to give merchants access to advanced analytics, table mapping, multi-location management and customer catalogues, streamlining the process of dealing with multiple service providers and making expense management easy. 

The launch follows the publication of Revolut Business’ annualised revenue surpassing $500M globally as the group commits to doubling down on its B2B offering and driving investment into product innovation to better serve business customers. 

Alex Codina, General Manager of Merchant Acquiring at Revolut, commented: “We’re excited to be offering Revolut Terminal as an all-in-one, powerful POS solution for our business customers. This launch comes as we continue to invest into our B2B offering and particularly double down on the hospitality and retail industries as an acquirer. A truly reliable payment solution is the difference between closing the sale and losing money – with Black Friday round the corner, Revolut Terminal is built to withstand high customer demand; and it could be yours in time for the busy season at an exclusive, reduced rate.”

James Gibson, General Manager of Revolut Business, commented: “We’re continuing to see lots of momentum in Revolut Business, having this summer surpassed $500M in annualised revenue and onboarding over 20,000 new customers per month. Revolut Terminal marks the latest investment in our business customers, with merchants of all sizes now able to easily accept payments directly into their Revolut Business accounts, without juggling multiple providers.”

Revolut Business customer, The Mulligan Room, added: “We started taking payments 10 minutes after setting up the Revolut Terminal, it was that easy! Now we benefit from lower costs with great rates and having a merchant and business account in one. The Terminal lets us process payments fast, has robust design and great features like custom tipping.”

Surge in young investors across Ireland and the EEA

New data from Revolut’s European-licensed investment firm has identified a considerable increase in the number of young investors across both Ireland and the EEA more broadly. Young millennials and Gen Z are beginning to invest at a much younger age than any generation before them, according to internal data from Revolut. The global financial app has more than 45 million retail customers globally, over 30 million across the EEA, while over 2.8 million people are Revolut customers here in Ireland. The company’s Investment services across the EEA are provided by Revolut Securities Europe UAB. 

Younger investors, defined as those aged 18-34, now make up over 57% of Revolut’s investment customers in Ireland — only slightly below the company’s pan-EEA average of 62%. Notably, one in every four of Revolut’s EEA-based customers who started to put money into the investment firm in the first half of 2024 said they were new to investing. In addition, the amount of investors aged 18-34 in Ireland has risen considerably by more than 17% when comparing the first two quarters of 2024. 

Investments into Money Market Funds (MMFs) through Revolut’s Flexible Cash Funds service, which launched earlier this year, made up nearly two-thirds (62%) of the country’s youngsters’ investment portfolios. Other financial instruments, such as stocks and ETFs, accounted for 16% respectively, while bonds were traded by just 6% of young investors in Ireland. 

The average portfolio size of all of Revolut’s investing customers in Ireland is more than €2,600. When compared to the company’s EEA-wide average of just over €4,000, it’s clear that Ireland’s appetite for investing versus other member states still lags behind its European peers. 

Revolut’s youngest investors, defined as those aged 18-24, tended to start out by investing much smaller amounts in Ireland — with the average size of their portfolios around €400, while those aged 25-34 typically had around €1,300 invested. 

In terms of the most popular assets among 18-34-year-olds, most recently in July, the most-traded US stock (measured by the most bought and most sold assets) was the fluctuating American tech giant Nvidia, currently dominating the markets owing to its recent advances in artificial intelligence (AI).

Meanwhile, the most bought ETF in Ireland was the Vanguard S&P 500, while the most sold was the Dow Jones Global Titans 50 index. The top moving EU stock (both bought and sold) was German battery manufacturer VARTA AG. 

Rolandas Juteika, Head of Wealth and Trading (EEA), said: “The unprecedented level of interest in investing among our younger customers marks a significant shift in the financial landscape. This generation is much more involved in finance, with a strong focus on education. Revolut is a helpful tool for Irish investors looking to build up their knowledge and confidence in investing. Our app features courses, trading alerts, company performance information, and up-to-the-minute market news.” 

Revolut offers a wide array of investment options for its customers across Ireland and the EEA, with over 3,000 financial assets (US and EEA stocks, ETFs, corporate and government bonds) available within the Revolut app. Investing in stocks and ETFs is commission-free within customers’ plan limit allowance. Other fees may apply. 

Revolut also offers a Robo-Advisor service, which is best-suited to customers who have limited or no trading experience or simply don’t have time to do extensive research. In contrast, for more experienced traders, the company has a Trading Pro subscription — this paid plan offers pricing benefits (such as lower commission fees and higher order size limits), as well as additional analytics features. This pairs well with Revolut’s sophisticated in-app investing tools, which are designed for both beginners and professionals alike. 

Maurice Murphy, General Manager at Revolut Bank UAB – Ireland Branch, added: While our savings account ensures Irish savers can get a really good return on their deposits, this data shows that our customers’ are embracing these additional options to further diversify and build their wealth. Investing needn’t be overly complicated, nor should it only be for the wealthy or the more-experienced. At Revolut, we’re eager to help and encourage the next wave of investors and support their respective financial journeys — while also providing Ireland’s more-experienced traders with the sophisticated tools that they need.” 

European-licensed bank Revolut was recently recognised by financial comparison site Bonkers.ie as ‘Ireland’s Best Consumer Business’ and ‘provider of the Best Current Account’, while the company ranked 9th as part of the Ireland RepTrak® 2024 study earlier this year. 

Revolut’s investment services in the EEA are provided by Revolut Securities Europe UAB, an investment firm authorised and regulated by the Bank of Lithuania. This information is not investment advice, recommendation or offer to take any investment decision and is supplied for informational purpose only. As with all investments, capital is at risk and returns are not guaranteed. The value of investments can go up and down and returns may be affected by currency fluctuations. For further information, please see Revolut’s Trading Terms and Conditions.

Two-thirds of consumers in Ireland spent abroad this summer

Revolut, the European-licensed bank with more than 45 million customers worldwide and over 2.8 million in Ireland, has analysed which travel destinations have proven most popular this summer among its customers in Ireland — with their overseas spending trends assessed as part of a detailed analysis of the period 1st May – 31st July.

The data has revealed that (in order) Spain, Portugal, France, and Italy were Irish holidaymakers’ most popular holidays this summer — with the United States also among Revolut customers’ most sought-after destinations as per their overseas spending habits. Notably, more than half a million Revolut customers also spent money in the UK this summer.

Revolut customers’ preferred destination within mainland Europe was Spain (over 300,000 holidaymakers). This was followed by Portugal (more than 100,000 jetsetters) and just short of that, France. Elsewhere, over 85,000 Irish tourists spent money in Italy and close to 65,000 ventured to the United States.

Approximately two-thirds of Revolut’s 2.8 million customers in Ireland spent money abroad this summer — while the global financial app also recently identified a move toward the return of staycations among its Irish customers, resulting in a record July of domestic consumer spending.

Close to 1.5 million Revolut customers from across the world visited Ireland this summer too, with those from the United Kingdom, Poland, Spain, Romania, Italy, and France accounting for over 80% of those visiting the Emerald Isle.

Maurice Murphy, General Manager at Revolut Bank UAB – Ireland Branch, said: “Our customers in Ireland depend on Revolut for the best foreign exchange rates, and we know that those extra savings on every transaction can amount to a more enjoyable holiday. We’re continuing to bring customers new products and perks to make the experience of going away more seamless and stress-free. For instance, customers can now opt-in to earn RevPoints on their everyday spending, which can then be exchanged for airline miles via two popular loyalty programmes.”

European-licensed bank Revolut was recently recognised by financial comparison site Bonkers.ie as ‘Ireland’s Best Consumer Business’ and ‘provider of the Best Current Account’, while the company ranked 9th as part of the Ireland RepTrak® 2024 study earlier this year.

For more information, visit: www.revolut.ie

Revolut announces secondary share sale to provide employee liquidity

Revolut, the global financial technology company with over 45 million customers worldwide, has signed agreements with a group of leading technology investors to provide liquidity to employees through a secondary share sale at a $45 billion valuation. 

This secondary share sale allows current employees to capitalise on their contribution to Revolut’s growth, while attracting a diverse mix of both new and existing investors. The round was led by Coatue, D1 Capital Partners, and existing investor Tiger Global. 

This valuation reflects the strong financial performance recorded by the company in recent quarters as well as the progress made in executing its strategic objectives. In 2023, Revolut reported revenues of $2.2 billion (a year on year increase of 95%) and a record profit before tax of $545 million. The company has continued its impressive trajectory in the first half of  2024, recording an annual increase in revenue of above 80% as well as improved profitability. Revolut is now the fastest growing finance app in 19 markets, and is on track to surpass 50 million customers by the end of 2024. 

This latest development builds on the momentum Revolut has gained throughout the year. The company secured a banking licence in Mexico, followed by the granting of its UK banking licence (Authorisation with Restrictions) in July, an important step in the company’s continued expansion both in the UK and globally. Additionally, Revolut announced the launch of several new products including the RevPoints Loyalty Programme, eSIMs, and the Revolut X crypto exchange. 

Nik Storonsky, CEO of Revolut, commented: “We’re delighted to provide the opportunity to our employees to realise the benefits of the company’s collective success. It’s their hard work, innovation, and dedication that has driven us to become the most valuable private technology company in Europe. We’re also excited to partner with several new investors who share our vision as we continue our journey to redefine the banking landscape as we’ve known it.” 

“We have a high level of conviction in Revolut’s mission to democratize access to financial services globally,” shared Philippe Laffont, Founder and Portfolio Manager, Coatue. “Revolut’s proven ability to scale across dozens of markets is a testament to the team’s commitment to product velocity, financial inclusion, and financial innovation. Under Nik and 

his team’s leadership, Revolut has navigated the complexities of the financial services landscape to deliver an impressive product suite that meets the needs of its rapidly growing customer base. We look forward to supporting Revolut as it continues to help transform the global banking industry.” 

Morgan Stanley served as sole placement agent on the transaction. 

Revolut Report: Stats indicate a return to Irish staycations this summer

Revolut, the European-licensed bank with more than 45 million customers worldwide, and over 2.8 million in Ireland, has crunched the numbers on Irish consumer spending over the last month, with the app’s own data revealing that a return in the popularity of staycations led to a record month of Revolut spending in Ireland this July. 

Revolut’s consumer spending analysis tracked more than 58.5 million card payments over the course of the month, indicating several real-world spending trends by the country’s Revolut customers. The amount Revolut users are spending with the bank each month continues to rise, up nearly 5% (MoM increase) in July, with staycations a key driver in the broader uplift.

With a scorching heat wave across much of mainland Europe in July, a rising number of Revolut’s customers in Ireland chose to stay put for their summer break rather than go abroad. 

In terms of accommodation, spending on hotels and resorts in Ireland has risen by 15% compared to last summer (YoY increase), while Revolut customers are spending more than 38% more (YoY increase) on health and beauty spas compared to this time last year too. For those looking for a slightly more outdoorsy or cost-effective alternative, the amount spent on camping sites and caravan parks has seen a more than 14% jump in July 2024 versus July 2023 (YoY increase). 

When making their way around Ireland, Revolut has seen customers increase their spending at service stations, nearly 19% more this July than last (YoY increase), and on EV (electric vehicle) charging, which has risen considerably by over 46% since last summer (YoY increase). Staycations have also driven a surge in toll charges, with customers spending over 33% more to get to their destination faster than in July 2023, highlighting an uplift in domestic tourism. 

At their journey’s end, Ireland’s staycationers are spending more in local bars, cafes, and restaurants, up close to 5% (YoY increase), with other leisure activities such as tourist attractions and museums rising by nearly 18% (YoY increase) and boat rentals by over 25% (YoY increase). 

Maurice Murphy, General Manager at Revolut Bank UAB – Ireland Branch, said: “Once a trusted travel card, this record month of spending clearly indicates our evolution into many customers’ preferred bank and why we’re a mainstay for the people of Ireland. Revolut’s ecosystem of financial products is the answer for people whether at home or overseas, and helps them make the most out of their money. It’s so great to see our customers choosing to spend on their staycation with us, while others are doing the same as they jet off abroad too.” 

European-licensed bank Revolut was recently recognised by financial comparison site Bonkers.ie as ‘Ireland’s Best Consumer Business’ and ‘provider of the Best Current Account’, while the company ranked 9th as part of the Ireland RepTrak® 2024 study earlier this year. 

For more information, visit: www.revolut.com/en-IE 

Consumers spending 15% more with Revolut this year than last

Revolut, the European-licensed bank with more than 45 million customers worldwide, and over 2.8 million in Ireland, has crunched the numbers on Irish consumer spending over the last month, with the app’s own data revealing that two bumper weekends, a rise in tourism, and the start of the school holidays all saw spending rise.

Revolut’s consumer spending analysis tracked 55.6 million card payments in June, indicating several real-world spending trends by Ireland’s Revolut account holders. The total amount spent with Revolut has grown by over 15% (YoY increase) when comparing June 2024 with June 2023, which also accounts for the 16.5% rise in Revolut customers in Ireland in that time.

As part of its 2023 Annual Report, Revolut highlighted how its customer balances had grown across the board in Ireland by more than 50% (2022 vs 2023) and over 26% (2023 vs 2024 YTD, i.e. June). A growing number of consumers across the country are choosing from Revolut’s broad array of products, which are offered at competitive rates and provide a top-quality customer journey.

With spending on taxis, buses, and general commuter transport rising by more than 12%,  12.5%, and 4.25% respectively (MoM increases), it was clear that the June Bank Holiday, along with the final weekend of the month (which saw the Taylor Swift concerts, GAA quarter-finals, and Dublin Pride) drove a spending hike. Customers in Ireland headed for bars, cafes, restaurants, and nightclubs more often, with spending collectively rising by more than 10% (MoM increase).

Domestic and international tourism was also a factor in Ireland’s increased Revolut spending, with June being a popular time to visit the country. There was an 11% jump (MoM increase) in hotel spending, up more than 13% compared to last June. Meanwhile, spending in souvenir shops (16% MoM increase) and tourist attractions (17% MoM increase) shot up. Car rentals also skyrocketed 35% (YoY increase), as excited holidaymakers made their way around Ireland.

With some schools signing off for summer in early June, spending on children’s activities rose. The mid-month release of Disney’s ‘Inside Out 2’ can be attributed to the over 34% rise (MoM increase) in spending in cinemas. Amusement parks (26% MoM increase) and aquariums (19% MoM increase) also proved popular in June for those with kids.

Maurice Murphy, General Manager at Revolut Bank UAB – Ireland Branch, said: “The 15% rise in the amount of money customers are spending with us each month is notable. While we have continued to innovate at pace for the benefit of the Irish market, we’re also doing more to become people’s primary bank. Our customers are encouraged by what they see, and we will continue to encourage more to see Revolut as the bank they go to first time, every time. Overall, the bumper month of June provided a visible uplift to a variety of economic sectors.”

Revolut, a European-licensed bank, was recently recognised by financial comparison site Bonkers.ie as ‘Ireland’s Best Consumer Business’ and ‘provider of the Best Current Account’, while the company ranked 9th as part of the Ireland RepTrak® 2024 study earlier this year.

For more information, visit: www.revolut.com/en-IE

Revolut’s revenues surpass $2.2bn, with record profits of $545m in 2023

Nik Storonsky, CEO of Revolut said: “This year, we took our biggest steps yet on our mission to deliver the best product and the best customer experience at great value to customers, everywhere. Our customer base is expanding at impressive rates, and our diversified business model continues to fuel exceptional financial performance, delivering revenues of over $2.2bn in 2023 and a record profit before tax of $545m. With a net profit of $428m, 2023 was our third profitable year in a row.

“Every day, our products create value for new customer segments and new global markets. We remain committed to our ongoing UK banking licence application in addition to bringing the Revolut app to new markets and customers around the world. Even as we reached 45 million global retail customers six months into 2024, Revolut remains poised for exponential growth in 2024 and beyond, continuing to redefine the financial services landscape as we’ve known it.”

2023 Performance Highlights 

Strong financial performance amidst wider market challenges (see Figure 1) 

Revolut delivered record profits and revenue growth, while navigating an increasingly complex geopolitical, macro-economic, and regulatory environment. 

– Group revenue increased by 95% from $1.1bn (€1.1bn) in 2022 to $2.2bn (€2.1bn). – Revolut has now been net profitable for three years in a row: 

– Profit before tax was $545m (€503m), and net profit grew to $428m (€395m), up from $7m (€7m) in 2022 

– Net profit margin for the year was 19%, reflecting the inherent efficiency and scalability of Revolut’s business model, improved partner unit costs, and continued growth of high-margin revenue streams. 

Accelerated growth driven by diversified revenue model, expansion into new markets and deepening customer engagement (see Figure 2)

Revolut’s revenue diversification continued to drive sustainable growth with no single product stream or country accounting for more than 30% of total revenue in 2023. – Over the year, Revolut added almost 12m new customers globally, the highest YoY increase in the company’s history, bringing the total to 38m in 2023. 

– 70% of new retail customers joined organically or were referred by someone they know. Word of mouth growth complemented by further investment into marketing and sales functions, including for Revolut Business which was onboarding 20,000 SMEs (small and medium enterprises) each month by the end of the year. 

– This growth was consistent across all revenue streams of Revolut’s diversified business model, with more customers engaging in more its products: – Cards & Interchange: $605m (€559m), up 59% from $379m (€352m); – FX & Wealth: $491m (€454m), up 46% from $334m (€310m); 

– Subscriptions: $303m (€280m), up 53% from $196m (€186.5m); 

– Total customer balances increased from $16.4bn (€15.2bn) to $22.7bn (€21bn). – Due to expanded treasury capabilities, higher customer deposits, alongside the tailwind of increases in central bank rates, and acceleration in the credit portfolio, interest income grew to $621m (€575bn) in 2023 compared to $102m (€95m) in 2022. 

– Customer usage accelerated with transaction volume increasing by 58%, reaching close to $870bn (€804bn). Monthly transactions as of Dec 2023 totalled 590m, up 73%. 

– An increasing number of customers have adopted Revolut’s services through paid subscriptions, with 41% growth in customers opting for a paid plan. 

– As of June 2024, Revolut is the most downloaded app in the Finance category in Europe, ranking first in 17 countries. 

– The company expanded into new markets, including Brazil and New Zealand, bringing its global footprint to 38 countries. 

Investing in best-in-class products and talent to meet consumers and businesses’ financial needs 

With a focus on core banking services in Europe, Revolut doubled down on reinvestment to support future growth, including product development and expansion into new markets. – $300m (€277m) was allocated to advertising and marketing to supplement our organic growth. We also scaled our B2B sales team to over 900 employees by the end of 2023, as we aim to better serve the needs of larger enterprises. Total headcount increased by 38% YoY to 8,152. 

– Revolut also developed new local features across key European markets: – IBAN: The company expanded local IBAN offerings for retail customers in France, Ireland, Spain and Netherlands. 

– Credit: Personal loans were launched in France, Germany, Spain as well as credit cards in Ireland and Spain. 

– Savings & Funds: Money Market Funds was launched across 22 countries in the EEA with balances reaching nearly $1.9bn (€1.7bn) since launch.

2024 outlook (see Figure 3) 

– Continued customer growth: As of June 2024, Revolut has reached 45m customers globally, representing an increase of 7m in the first 6 months of the year. The company is on track to surpass 50m customers by the end of FY24. 

– Expanding products and features: In addition to launching its existing suite of products in more markets, in the first six months of 2024, Revolut has launched: – eSIMs: Allowing customers to buy phone data packages through the Revolut app, signifying our push into non-financial services (available in the UK and select EEA markets). 

– RevPoints: Revolut’s loyalty programme – which enables customers to earn points on everyday spend (available in the UK and select EEA markets). – Revolut Robo-Advisor: A semi-automated tool that uses algorithms to manage investment portfolios, allowing customers to invest in a diversified tailored portfolio without spending hours on research and continuously managing their portfolios (available in the US and EEA). 

– New Global HQ: Revolut announced a deal to move its global HQ to the YY building in Canary Wharf. The move will help facilitate the future growth of Revolut’s UK and global operations. 

Focus on Ireland 

Revolut’s profitability has enabled it to invest in building the best-in-class products that Irish consumers rely on, while its growth is a result of continuing to innovate on its market-leading app. Revolut has gained the trust of more customers in Ireland, becoming their primary bank. 

– Revolut had 2.7m customers in 2023, an increase of more than 21% from the end of 2022, when Revolut ended the year with 2.2m customers. 

– Today, Revolut has fast become the best solution for customers to manage their finances daily. The brand has become a verb in Ireland, with “Revolut me” the typical way to send money between friends and family, or to children. 

– Revolut offers financial products for almost all needs in Ireland, ranging from current accounts, to credit cards, to investing; while mortgages remain firmly in the pipeline. – By the end of 2024, it has set its sights on reaching the 3 million customer mark. – Revolut isn’t just for retail either. At the end of 2023, Revolut had close to 52% more companies in Ireland using Revolut Business than at the end of 2022. 

As a major player in the Irish financial services sector, Revolut boasts many talented leaders who hold senior leadership roles across the bank, steering the company towards becoming the world’s first truly global financial app. Revolut’s ambitions are matched by its customers. 

– Revolut is an employer of choice, and has 10% more staff in 2023 than 2022 and over 23% more in 2024 (YTD) than 2023. It employs more than 175 people here, many of whom hold highly-skilled roles working out of Dublin and remotely across the country. 

– An increase in trust, talent, and ambition has seen Revolut capture the attention of the Irish market. After the launch of its up to 3.49% interest bearing Instant Access Savings accounts, Revolut received deposits in the region of 9-digits in a fortnight.

– Balances are up across the board by more than 50% (2022 vs 2023) and over 26% (2023 vs 2024 YTD), emphasising how its big ambitions are backed by its customers. 

Revolut was recently recognised by financial comparison site Bonkers.ie as ‘Ireland’s Best Consumer Business’ and ‘provider of the Best Current Account’, whilst it ranked 9th as part of the Ireland RepTrak® 2024 study earlier this year. 

The 2023 Annual Report can be viewed online or downloaded in pdf format at: revolut.com/financial-statements/

Revolut Secure is here, plus new security feature to safeguard customer savings

Revolut, the global fintech with over 2.8 million customers in Ireland and 40 million globally, has launched Wealth Protection in Ireland, an extra layer of in-app identity verification, designed to prevent thieves from accessing the money customers have within the Savings & Funds* or Pockets** sections of their Revolut app. 

Wealth Protection will help to further protect customers who have had their unlocked phone stolen, or password and face recognition compromised, and stops criminals from withdrawing customers’ hard earned money.

Many banking apps rely on just one biometric authorisation (like facial or fingerprint recognition) built into mobile devices, usually when opening the app. However, if a pickpocket gains access to the device and changes the registered fingerprint or facial image to their own, this could be bypassed.

Revolut is going one step further with its advanced facial technology. When turned on, Wealth Protection will verify the identity of the user against the selfie ID checks that the customer completed when first signing up to Revolut. This helps to stop fraudsters transfering money out of their Savings & Funds or Pockets — even if their phone security has been compromised. The Wealth Protection feature requires users to opt-in and customers are encouraged to enable it.

Revolut will be one of the first to implement such a Wealth Protection feature and is doing so ahead of a busy summer travel and festival season, bringing with it greater risk for theft at large-scale events and crowded tourist hotspots. Physical theft was responsible for 38% of all unauthorised fraud losses in 2023 and pickpocketing is surging globally.

Customers are also at a heightened risk of ‘shoulder-surfing,’ where fraudsters first identify phone and banking-app passwords and then use this to bypass security measures, as well as having their phone taken whilst unlocked.

Woody Malouf, Head of Financial Crime at Revolut, commented: “We take fraud and financial loss incredibly seriously. With phone thefts on the rise, Wealth Protection is built to counteract theft by providing our customers with that extra layer of security when they’re out and about this summer. Our customers will be able to rest easy knowing that even if their phone is lost or stolen, their funds are more secure.”

Maurice Murphy, General Manager at Revolut Bank UAB – Ireland Branch, added: “Put simply, Wealth Protection is a feature that makes managing money much safer and more reliable. As we continue to further innovate on our market-leading banking experience, our focus will fervently remain on the security of our customers’ money. The increase in balances for our recently launched Instant Access Savings deposit accounts emphasised the growing number of Irish customers that trust us with their money, and this new feature provides them with that extra layer of security, along with greater peace of mind.”

Wealth Protection is launching this month as part of Revolut Secure, which brings together Revolut’s cutting-edge security features to give customers more control over how their money is protected.

Revolut also has robust protections in place for customers behind the scenes including AI models, more than 4,000 trained anti-financial crime professionals and an experienced team made up of fraud specialists, data scientists, and ex-law enforcement. In 2023, Revolut prevented over €550m of potential fraud against its customers globally and is consistently working on updating protections to stay one step ahead of fraudsters.