Revolut to launch mortgage product in Ireland next year

3 Jul 2024

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The company’s chief executive for Europe said he is ‘keen’ to launch mortgage services in Ireland in the first half of next year as the fintech’s global revenue soars.

Revolut is working on a mortgage product aimed at users of the banking app in Ireland and may launch it as soon as next year.

Maurice Murphy, head of lending for Europe at Revolut, said in a statement today (3 July) that the UK-headquartered challenger bank is “steadfast” in its belief that it can have a “positive and significant impact” on the Irish mortgage market.

“This is a product we’re actively working tirelessly towards building and remain confident that we can bring customers a great mortgage experience, as people would expect from Revolut given our successes across other product areas.”

Revolut has seen massive growth for its fintech products in recent years, nearly doubling its revenue in a year according to its latest earnings report published yesterday.

The fintech’s gross revenue for 2023 was roughly €2.1bn, a 95pc increase from the €1.1bn it earned in 2022. Meanwhile, it hit record profits before tax of €503m last year and its net profit was €395m, up from €7m in 2022.

Joe Heneghan, chief executive of Revolut Europe, told the Irish Times that the fintech is “very keen to get mortgages launched next year in Ireland”.

“Our team is working very hard on it. I would probably say the first half of next year is realistic. The market is attractive,” he said.

‘Poised for exponential growth’

Revolut, which has 2.8m customers in Ireland, said it attracted 12m new customers globally in 2023. It currently has 45m customers across the world.

The company said its customer base in Ireland grew by more than 21pc last year, rising from 2.2m in 2022 to 2.7m at the end of 2023. It aims to reach 3m customers in Ireland by the end of this year.

“This year, we took our biggest steps yet on our mission to deliver the best product and the best customer experience at great value to customers everywhere,” Revolut CEO Nik Storonsky said this week.

“Our customer base is expanding at impressive rates, and our diversified business model continues to fuel exceptional financial performance. Even as we reached 45m global retail customers six months into 2024, Revolut remains poised for exponential growth in 2024 and beyond, continuing to redefine the financial services landscape as we’ve known it.”

Last week, Revolut launched a new security feature in Ireland called Wealth Protection that aims to make it harder for criminals to access a user’s funds and savings after stealing their phone.

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Vish Gain is a journalist with Silicon Republic

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