Consumer finance technology brand Revolut has taken the first step to bringing its full current account service to Ireland after securing a European banking licence in Luxembourg.

The licence will allow the alternative to traditional banks to offer full deposit and credit services, including overdrafts, personal loans and term deposits.

The London-based fintech, already has more than 200,000 Irish users on its platform – which helps customers manage their finances through a mobile app. It expects to launch current account and other services here by the end of next year.

“It won’t be done in the next six months, but we do expect to be up and running by the end of 2019,” a spokesman said.

“Unlike other UK banks, this gives the customer complete clarity as regards their banking post-Brexit.”

The Luxembourg licence means customers are covered under the European Deposit Insurance Scheme, for up to €100,000.

Revolut has so far raised $336m from investors including DST Global, Index Ventures, Balderton Capital and Draper Esprit.

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