Revolut is to begin offering personal loans in Ireland as its push into the banking market here gathers pace.
The online bank has opened a waiting list for the loans, the first Revolut Bank product it is to offer in this country.
The company also revealed that it has grown its user base here to 1.7 million and employs over 100 people in Ireland.
Revolut says other lending products, such as credit cards, will follow later this year.
It will also be able to offer bank accounts that are backed by the €100,000 Lithuanian deposit guarantee to its Irish users later this year under the full banking licence it was granted by the European Central Bank in December.
In the same month it was also granted an e-money licence by the Central Bank of Ireland.
But it has decided not to use that and instead will operate the banking operations under the ECB licence.
The developments come as nearly 1.5 million Ulster Bank and KBC Bank Ireland customers face the prospect of having to move banks in the coming months as both lenders prepare to exit the Irish market.
"Following the successful rollout of Revolut Bank to ten more European markets in January, Revolut Bank is now live in 28 markets across the EEA," it said in a statement.
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"In light of the withdrawal of Ulster Bank and KBC from the Irish market, Irish customers are in more need of alternative banking providers rather than an e-money account," it said.
"As Revolut Bank is now in a position to bring more competition and choice to the Irish banking market, we no longer plan to serve customers in Ireland using the e-money licence which the Central Bank of Ireland approved late last year," it added.
Existing Revolut customers and new customers will be able to apply for a personal loan instantly and the company is promising an answer within seconds.
Daragh Cassidy from switching website Bonkers.ie, said news that Revolut is launching banking services here is good for consumers.
"Revolut has literally revolutionised the banking sector since it started operating less than a decade ago," he said.
"However, until now, many people still only used their accounts for sending money or when travelling abroad. Revolut's lack of credit products and its lack of a banking licence in Ireland meant people were probably reluctant to consider the fintech for their full banking needs," he added.
"This is borne out by the fact most people still kept their original bank account when signing up to Revolut," he explained.
"But this is likely to start to change and it will be interesting to see how the main Irish retail banks: AIB, Bank of Ireland and Permanent TSB react," he added.
Mr Cassidy added that it was disappointing that no information on an overdraft offering had been announced.
Meanwhile, the Central Bank of Ireland has defended how it handles proposed new entrants to the banking market amid reports that fintechs are unhappy with the pace of the licence issuing process.
Fianna Fáil Senator, Malcolm Byrne, has called for an overhaul of the bank in this area and for it to be given a statutory remit for the development of competition in the financial services sector.
In a statement, the Central Bank said it operates a transparent and robust process for applicants seeking authorisation and has an active authorisation pipeline across all regulated sectors.
"Authorisation is an important part of the Central Bank's work to protect consumers and investors, and to ensure the proper functioning of the financial system," it said.
"The Central Bank deals with applications for authorisation from firms across all financial sectors in an open, engaged and constructive manner."
