Last Tuesday, Francesca Carlesi, the newly appointed UK CEO of Revolut, took the stage at London’s historic Guildhall with radiating confidence.

It was a warm September evening and most in the room of financiers, tech leaders and political heavyweights were already well-acquainted with Revolut's recent string of wins. Whether it was securing a UK banking license, soaring to a $45 billion valuation, or announcing a major new Global HQ in Canary Wharf (with their name in lights atop the tower, no less), their recent successes are well-known.

But this wasn’t your typical speaking gig. The event revolved around Paschal Donohoe, Ireland’s Minister for Public Expenditure, attending, I’m told, not as ‘Minister Donohoe’ but as President of the Eurogroup - the powerful coalition of finance ministers from across the EU, with Donohoe now into a second term at the helm. Think of it as a dinner club but for the secretaries of the treasuries of France, Germany, Italy, and the 17 other countries that have adopted the Euro as their currency, including of course, Ireland. 

Given this connection, one might have expected a nod to Revolut’s performance on Donohoes home turf. After all, the high adoption in the country is clear to anyone who has spent a few days in Dublin. 

However, few could have expected the staggering figure Carlesi revealed to the room: 73% of Irish adults now hold a Revolut account. That’s over 2.8 million accounts in a country of just 5.1 million - essentially, three-quarters of the eligible population. It’s a market penetration that would make just about any tech leader envious, with Revolut’s phenomenally successful UK business comparatively lagging behind.

So, how did this extraordinary growth happen? 

Well, Irish consumers have a complex relationship with their banks, still feeling the lingering effects of the 2008 Financial Crisis. The cost of rescuing the banks during that time was staggering and placed an enormous strain on the Irish state. It's estimated that bank bailouts cost Irish taxpayers around €64 billion, impacting every aspect of government finances, from public sector wages to income tax rates. One lasting consequence, the 'Universal Social Charge', a measure introduced as a temporary fix but still in place today, adding up to 11% to taxpayers' bills.

Distrust runs deep, and in recent years, despite the country's better economic fortunes, the banks have done little to rebuild confidence. While the European Central Bank’s deposit facility interest rate has hovered around 4%, Irish banks have offered savers a meager 0.11% on average, skimming the difference and posting “record” profits.

And although Revolut’s rise in Ireland from a niche fintech app for enthusiasts, to a household name and verb for sending money in the country (“I’ll Rev you”), didn’t happen overnight - it wasn’t far from it. When compared to Ireland’s established giants, AIB (founded in 1966) and Bank of Ireland (founded in 1783), Revolut’s growth has been meteoric.

The key? It’s not just about distrust or timing. Revolut’s real advantage is its ability to outpace traditional banks in both pricing and innovation, at the same time. Quite simply, the user experience at Irish legacy banks is bad. Their apps are clunky, fees are high, and transfers take anywhere from a working day to a long weekend. In contrast, Revolut offers instant transfers, low card fees, and slick ancillary products - it’s an easy sell. 

What isn’t easy is getting Irish customers to deposit their salaries into Revolut, something that gave the traditional banks a false sense of security. After all, why would an Irish consumer trust their paycheck or mortgage with a bank registered in Lithuania? 

That hesitation may now be over and Revolut has launched a nationwide campaign. The slogan “'the salary wants out of old banks” is now plastered on bus stops and billboards across Ireland, no doubt causing some choking on cornflakes in Irish banking boardrooms. 

With this push, the pressure is mounting for banks to step up their game, improve the user experience, lower fees, and give savers a better deal. Whether it’s salary payments, mortgages, or simply sending money to friends, Revolut’s impact on the Irish market is a wake-up call to legacy banks around the world: Evolve, or fintech will come straight for the heart of your business, one cornflake at a time.

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P.S Catch me at our Monthly Fintech Breakfast on September 26th!