Four Out of Five Adults in Ireland Use Revolut
Its founder points to bad local banks and a small, far-flung population, with Britain and France far behind.
David Senra · Competition, Intensity & Building a $115 Billion Global Bank | Nik Storonsky, RevolutFour out of five adults in Ireland have a Revolut account. Nik Storonsky, the founder of Revolut, a money app founded in London in 2015, puts penetration there at 80%.
The app started as a card for spending abroad at low exchange rates and now offers many bank-like services, plus extras such as travel stays and eSIMs.
Storonsky ties Ireland to weak competition. He says the country has only four banks, which he calls bad, along with a small population and many Irish people living outside Ireland.
Elsewhere, the numbers are lower. Revolut has about 20% penetration in the United Kingdom and France, and 30% to 40% in some other markets.
Ireland shows what is possible, in his view. Storonsky says penetration of 60% to 80% is possible elsewhere, but in his view only for a company that becomes a bank, with a banking licence.
Questions people ask
Why does a banking licence matter so much?
A banking licence lets a company hold deposits under banking rules and offer a fuller range of services. Storonsky argues that without one, a fintech stays a spending tool for early adopters rather than the account where people receive salary and keep savings.
Does having an account mean it is someone's main bank?
Not necessarily. Many people open a Revolut account for travel, transfers, or spending while keeping salary and savings elsewhere. Storonsky argues that becoming a licensed bank is what lets a fintech win that primary-account role and reach very high penetration.
Why does Ireland have so few banks?
Ireland is a small market that became highly concentrated after the 2008 financial crisis. Two other banks, Ulster Bank and KBC Ireland, also left the retail market, leaving few traditional choices and an opening for a low-cost digital alternative.