Revolut is set to continue to up its competition with legacy banks in Ireland, with the fintech company planning to enter the mortgage market in the next two years.
Founded by Russian-born Nikolay Storonsky and Ukrainian-British Vlad Yatsenko in 2015, Revolut is one of Europe’s largest startups with about 20 million customers globally that use the platform for payments, trading, and other wealth services.
The company is making a serious push into the banking market here and in February of this year they announced that Irish customers can apply for personal loans with the global payments business, making it the first ever Revolut Bank product offered in Ireland.
But the company wants to do more in its quest to become a one-stop financial services provider — or a “super app” — going beyond its current offerings of payments services, crypto and stock trading and savings accounts and expanding into the mortgage sector.
Speaking to the Irish Independent, Storonsky said that customers will soon be able to apply for mortgages through the Revolut app, adding that the process would be much quicker than applying for a mortgage with a traditional bank.
“We will definitely do mortgages for consumers,” he told the Irish Independent’s Big Tech Show podcast. “Because when I look at all the mortgage processes, it can take one to two months. At best, it’s seven days. It’s all quite ‘legacy’.”
Outlining how a a Revolut mortgage would work, Storonsky explained: “It could be one of two models, or a combination.
“The first one is a mortgage financed by us as a bank. Or it could be like a mortgage introduction. But ultimately what we want to build is a frictionless experience that is 100 per cent digital, so that within the app you apply for the mortgage, select the house that you want to buy and then be emailed at the same time.
"Everything would be instant and automated.”
Storonsky also discussed Revolut's plans to move into the mortgage sector during a talk on the second day of the tech conference Web Summit in Lisbon, revealing the company plans to start providing mortgages maybe “within 2023 and 2024”.
“I would love to simplify all this complexity in the financial system and present it in a very simple intuitive personalised interface," he said.
"The problem before was that banks didn’t really have the digital infrastructure. As a result, everything is manual […] As soon as you have a very smart interface, where everything is within a few clicks, the problem of costs is solved and you can provide products at a much better price.”
Background
Revolut first launched as a bank in 10 EU countries in March of last year, and there are now a total of 28 countries where Revolut operates as a bank.
In February, Revolut launched its first Revolut Bank product in Ireland following the company being offered a full banking licence from the European Central Bank.
In 2015, Revolut launched in the UK offering money transfer and exchange. Today, the digital banking service processes more than 150 million transactions a month, with customers able to send money globally and hold and exchange 31 currencies in the Revolut app.
In July, Revolut celebrated its seventh anniversary, and the digital banking app has reached a milestone of 20 million retail customers globally.
If you are making transfers to an account you have overseas or Revolut, they will want statements for those accounts too. Note the lenders will get a credit check completed too, so any financial mishaps in the last two years may be an issue.
You can link accounts from the following banks: Barclays, Barclays Business, Bank of Scotland, Danske Bank, first direct, Halifax, HSBC, Lloyds, Monzo, M&S Bank, Nationwide, NatWest, Royal Bank of Scotland, Santander, Starling, TSB, Ulster Bank, Virgin Money.
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It is a good choice for beginner investors. On the downside, it doesn't offer popular asset classes like mutual funds, bonds or options.. Research and educational tools are very basic, and customer support only answers some basic questions. Also, Revolut has had some quite negative news coverage recently.
In July 2021, Revolut's Series E raised US$800 million from investors, including SoftBank Group and Tiger Global Management, at a US$33 billion valuation. This made Revolut the leading European start up in terms of valuation.
Revolut does not share your information on an automated basis or directly with tax authorities of other countries, it is the Lithuanian tax authority that's responsible for collecting and sending this to other local authorities under the Standard for Automatic Exchange of Financial Account Information, developed by the ...
Or you didn't link all accounts where you receive income. We've checked what you reasonably can afford, based on your income and outgoings (bills or rent) and existing financial debts, such as other credit obligations. You don't have a good credit history, even if your income is high.
Revolut invests in future growth as revenue tops $1bn in 2022; expects to hit $2bn in 2023. Today, Revolut released its Annual Report for the year ending 31 December 2022.
Ronald Oliveira (born 23 October 1955) is an American businessman, the former CEO of Revolut USA, and the former President of Avidbank. Previously, he worked in senior management positions for several financial institutions.
A common myth is that if you transfer your money from your main current account to another current account, such a Revolut, you'll be more likely to get your mortgage because the banks don't see these accounts. Unfortunately, this is not true and banks are now looking for Revolut statements from customers.
You can apply for a loan or a credit card via your Revolut app in three easy steps:Tap the account selector below your balance → Select '+ Add new' → 'Credit' → 'Personal loan/Credit Cards'.
You don't have a good credit history, even if your income is high. This is normally tracked by checking your credit score and any negative financial history you may have. You've been recently rejected from a previous application with us and your personal circ*mstances haven't significantly changed.
Introduction: My name is Arline Emard IV, I am a cheerful, gorgeous, colorful, joyous, excited, super, inquisitive person who loves writing and wants to share my knowledge and understanding with you.
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