Revolut set to enter mortgage market for first time

The financial payments company says it is hiring staff with mortgage products in mind, although it has not put an exact timeline on its market entry.

The company’s intention to enter the Irish mortgages market was first revealed by the Irish Independent 10 months ago.

“We’re focused on enhancing our offering to provide our customers with frictionless, accessible products and services,” said Joe Heneghan, partner and CEO of Revolut Europe.

“As a next step in our journey, we’re exploring the option of adding mortgages to our global financial super app, joining our suite of credit products including loans, credit cards, and ‘pay later’. We’re looking for talented people to join our team of more than 6,000 employees around the world.”

Revolut recently entered the Irish car insurance market.

In a previous interview with the Irish Independent, Revolut founder and CEO, Nik Storonsky, said that the the company would enter the mortgage market because of the length of time it currently took to go through the mortgage process.

“When I look at all the mortgage process now, it can take one to two months. At best, it’s seven days,” he said.

He said that a Revolut mortgage may take a number of different forms.

“It could be one of two models, or a combination,” he said. “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 100pc 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.”

Ireland has one of the highest penetrations of Revolut user bases, a factor that company executives put down to sub-par local Irish bank online customer interfaces.

The company says it is looking for mortgage product managers and mortgage credit managers.

Source: Adrian Weckler, 21-09-2023, Irish Independent.