Financial technology company, Revolut has indicted that it has signed up one million customers in Ireland, effectively doubling its customer base in just 6 months. The Fintech has 10m customers globally.
In conjunction with the announcement, Revolut has also announced it will target the youth market in Ireland with the launch of Revolut Junior, focused on children between 7-17. Revolut Junior accounts can only be created by adult users of Revolut on behalf of children, with the accounts managed by parents or guardians, but only available for its Premium or Metal accounts.
The company did not give any details on how many customers are using its Premium account nor how active these customers were.
According to Goodbody Stockbrokers, "The 1m customer level is a clear milestone for the Revolut business here in Ireland and a growing threat not just for the banks but also to the credit unions. Whilst Revolut customers still have to have a mainstream current account from which to transfer funds into the Revolut account, its growing use for basic transaction activity will continue to impact on the fee-generating capacity of the traditional banking sector, but also drive the banks to continue to up their game with their own banking apps and features."