Latest news with #JoeHeneghan
Irish Times
19-05-2025
- Business
- Irish Times
Revolut eyes western European HQ in Paris
Revolut, the global fintech with over 55 million customers, said on Monday it is planning to file for a banking licence in France as it aims to make Paris its western European headquarters. The group's Irish operation, with more than 3 million customers, will eventually move from falling under Revolut's existing euro-zone base in Lithuania to France. It will be joined the group's businesses across Spain, the Netherlands, Germany, Romania, Italy and branches are scheduled to open in the coming months in Europe. Lithuania will continue to serve other markets in the single currency region and the banking unit there will continue to be led by Irishman Joe Heneghan. READ MORE Planning around the transfers, subject to French regulators granting the licence in the coming years, will not have any impact on Revolut's product rollout in existing markets, including the mortgage business it on track to launch in Ireland in the second half of this year. 'France is Revolut's largest market with 5 million customers and fastest-growing EU market, offering significant opportunities for expansion and innovation,' said Pierre Décoté, group chief risk and compliance officer. 'Paris is a natural fit as a gateway to accelerate Revolut's growth trajectory in Europe and beyond, thanks to its dynamic banking ecosystem, strong regulatory framework, and rising prominence as a financial hub.' The move to a dual-HQ model in the euro zone is seen a way of spreading the load as Revolut targets a doubling of its existing European customer base from 40 million to 80 million. Revolut received its second banking licence in Mexico last month and is hoping to secure full authorisation in the UK – its main market, with more than 10 million customers – this year. UK regulators gave Revolut a restricted licence, following a three-year wait, last July, after the group managed to file its first annual report in years without needing a deadline extension. Revolut's net profit more than doubled last year to £790 million (€922 million), driven by card fees and interest earned on surplus deposits placed with central banks, as the London-based fintech prepares to boost its lending by launching mortgages this year. Profit for the year rose by 129 per cent, according to Revolut's latest annual report, published on last month. Group revenues rose by 72 per cent to £3.1 billion. The biggest contributor was $790 million of net interest income, which rose 58 per cent, as Revolut placed more of its growing excess deposits with central banks, including the European Central Bank, and 'reputable financial institutions'.
The Irish Sun
25-04-2025
- Business
- The Irish Sun
Major boost for thousands of Irish as Revolut to launch game-changing new service in MONTHS
REVOLUT is set to launch a game-changing new service for Irish customers in just months. The company is working towards a soft launch of Irish mortgages before a full roll-out at the end of the year. Advertisement 2 Revolut may soon offer mortgages in Ireland Credit: Getty Images - Getty The neobank, with 50 million customers across the globe, aims to help people 'get more from their money'. With over three million customers in The digital bank has been testing out the market and has issued some home loans in They plan initially to start offering Irish home Advertisement READ MORE ON MONEY Revolut Europe Chief Executive, Joe Heneghan, told 'We think the mortgage process that customers go through at the moment [generally] is unwieldy and can be made a lot slicker.' Three Irish banks made up 92 per cent of €12.6billion of mortgages issued in Ireland in 2024. Mr Heneghan explained the banking firm may 'explore' using brokers in the future. Advertisement Most read in Money He also hinted that Revolut would compete on price. The news comes at a time when around a third of all the children in Ireland have a Revolut under 18 account. Watch the video to see how Ali got the farmer to pay off her mortgage Revolut chiefs expect to have onboarded a total of half a million Irish under-18s by the summer with new and innovative features set to further entice parents. Head of Product, Revolut <18 at Revolut, Carlos Spada, said: 'This feature not only helps to alleviate some of the financial pressure on parents but it also equips youngsters with essential financial literacy skills that will serve them well throughout their lives. Advertisement "No matter the sum, whether it's weekly 'pocket money' or funds to serve children for later in life, this really helps.' There are no account fees for the Revolut <18 app itself and children also get a personalised card. They can then link up to Apple Pay or Google Pay on their smartphones. General Manager at Revolut Bank - Ireland Branch, Malcolm Craig said: 'This is yet another example of Revolut having a positive impact on the Irish market — this time for the benefit of children and their parents, many of whom already entrust Revolut with building their own savings balances.' Advertisement As well as allowing children to budget and track their spending in real time, the Revolut <18 app also sends parents an instant notification every time their child uses their card. He added: 'As always, we've delivered this product a little differently to the rest with interest applied daily to help children recognise the value of compound interest.' 2 About a third of all the children in Ireland have a Revolut under 18 account Credit: Getty Images - Getty
BreakingNews.ie
25-04-2025
- Business
- BreakingNews.ie
Revolut hopes to offer mortgages to Irish customers by autumn
Revolut could be offering mortgages in Ireland by the autumn. The online bank initially plans to offer home loans through its app with telephone support from staff, but may also consider using brokers in the future. Advertisement According to The Irish Times , Revolut is also hoping to make the application process "a lot slicker" and less "unwieldy". The UK-based financial technology group began market testing in Lithuania, home of its euro zone banking licence, earlier this month and has issued some home loans there. Ireland Revolut rolls out in-app calls feature for custome... Read More Joe Heneghan, chief executive of Revolut Europe, told The Irish Times that he hoped the firm's mortgage offer would be ready for Irish customers in the final quarter of the year. Revolut has 3 million customers in the Republic, making it well-placed to take on the three Irish banks that accounted for 92 per cent of €12.6 billion of mortgages issued last year. Others also trying to loosen the banks' stranglehold on mortgages include Avant Money, ICS Mortgages, which has become more active in the last year, and new entrants Nuá Money and MoCo. Revolut, which has staff across 42 countries and more than 50 million customers, recorded a jump in net profit of 129 per cent last year to £790 million (€922 million).
Irish Daily Mirror
25-04-2025
- Business
- Irish Daily Mirror
Revolut to start offering mortgages to Irish customers as early as this year
Financial tech company Revolut could start offering mortgages to Irish users as soon as the end of this year in a major boost for prospective homeowners and mortgage switchers. Revolut has long made known its intention to enter the Irish mortgage market 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. At the end of last year, Revolut, which has more than three million customers in Ireland, confirmed plans to launch its mortgage product in Lithuania "followed by Ireland and France in 2025". "The goal is to offer a fully digital mortgage product that is the fastest on the market, aiming to issue instant approval in principle and final offer in one business day subject to asset valuation and any necessary checks," Revolut announced at the company's The Revolutionaries event in November. Speaking to the Irish Times, Joe Heneghan, chief executive of Revolut Europe, said that the company expects to soft launch mortgages in Ireland as soon as the third quarter of this year for testing, before launching altogether toward the end of 2025. 'We think the mortgage process that customers go through at the moment [generally] is unwieldy and can be made a lot slicker,' Mr Heneghan told the newspaper. Last year, Mr Heneghan said that the company's IT capability will be able to 'make the customer journey a lot faster and a lot less onerous for the consumer' when compared to applying for a mortgage with a traditional Irish bank. Revolut co-founder Nikolay Storonsky has previously 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 back in 2022. '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 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.'
RTÉ News
25-04-2025
- Business
- RTÉ News
Revout plans to enter Irish mortgage market this year
Revolut is planning to enter the Irish mortgage market later this year, the fin-tech bank has confirmed to RTÉ News. As first reported by The Irish Times, Revolut is advancing plans for a soft launch of home-loan lending here, before a full roll-out towards the end of 2025. Revolut Europe Chief Executive Joe Heneghan told the paper that "it would probably be Q3 for the testing and Q4 for the launch in Ireland". Revolut has an EU banking licence in Lithuania and has been already begun issuing mortgages there. The digital bank, which has around three million customers in Ireland, said it hopes to initially offer home loans here via its app, with phone support from staff. However, Revolut said it will also consider using brokers in the future. Last year the UK-based bank said it planned to launch mortgage lending in Ireland and France, in addition to Lithuania. Earlier this week Revolut announced a 149% surge in pre-tax profits last year to £1.1 billion (€1.28 billion). Revolut has emerged as the most successful European fintech with a digital-only model. It was valued at nearly €40 billion last year and has been clear in its objective to challenge the pillar banks in areas such as mortgage lending.
