Latest news with #RevolutEurope
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.'
Irish Times
25-04-2025
- Business
- Irish Times
Revolut eyes slice of the Irish mortgage market
Did you ever consider using an app on your phone to apply for a mortgage? Well, it may not be exactly that simple but Revolut's pending arrival in the Irish home loan business does look like injecting some of the company's flair for simplicity. App-applications, if you will, are to be supported by staff but Joe Heneghan, chief executive of Revolut Europe, tells Joe Brennan the process can certainly 'be made a lot slicker'. Airbnb has taken some flak here and abroad over its supposed impact on the availability of longer term rentals. Interestingly, a report from the Economic and Social Research Institute (ESRI) tempers these ideas, claiming it – and let's not forget other actors in the short term lettings business – is not responsible for Ireland's ongoing rental crisis. Eoin Burke-Kennedy looks at what is, according to the report, which does not entirely absolve Airbnb of responsibility. Retail and hospitality is not the first corner of life one thinks of when considering defamation claims. But it is a problem . According to the Irish Small and Medium Enterprise Association (Isme), vexatious defamation claims against staff members – for example in alleging false shoplifting accusations – can cost up to €50 million a year. It has asked Justice Minister Jim O'Callaghan for certain provisions in a forthcoming reform of the law. In the latest housing report, new home completions have been shown to have risen marginally in the first quarter of this year. However, Government housing targets still look like being missed . Eoin Burke-Kennedy looks at the latest Central Statistics Office (CSO) data which shows 5,938 new dwelling were finished in January, February, and March, a rise of 2 per cent on the same period last year. READ MORE Could you imagine Ireland becoming the 'Saudi Arabia of wind power'? It doesn't seem that likely , according to Kevin O'Sullivan whose Agenda piece looks at not one, but two separate reports that seem to blow more cold than hot on any such notion. What does it all mean for our net zero ambitions? What is the cost of Irish reunification? In his column, John FitzGerald looks at various studies examining the economy north and south. Given the unlikelihood of continued UK financial support in the aftermath of a reunified island, what would this new state of affairs mean in economic terms? The Workplace Relations Commission (WRC) has reported a significant rise in the number of discrimination cases taken against businesses on the grounds of race, membership of the Traveller community or sexual orientation. Emmet Malone reports on the details which found cases involving members of the Travelling community alone shot up 86 per cent last year. Irish Marks & Spencer stores were affected by a 'cyber incident' disabling contactless payments, which is ongoing , the store confirmed. Conor Pope explains how the incident had appeared close to resolution, only to get worse. Remember those pandemic lockdowns? O'Donoghue's, Dublin's storied pub on Merrion Row certainly does – it lost serious money in 2021 and 2022 but now, its customers will be glad to hear, it has sprung back into healthy profitability . Hugh Dooley reports on the accounts. Ardagh Group's 76 per cent-owned Ardagh Metal Packaging (AMP) unit reported an 11 per cent growth in revenues in the first quarter to $1.27 billion (€1.12 billion), driven by a 6 per cent increase in sales volumes. The subsidiary's sales and earnings guidance have been upgraded for the year. Joe Brennan looks at the numbers . The Irish arm of pharma firm, Takeda last year took a profit hit after mothballing fresh manufacturing capacity at its Grange Castle site in Dublin. Gordon Deegan looks at new accounts that show a €37.2 million impairment charge on its tangible assets. Stay up to date with all our business news: sign up to our Business Today daily email news digest. If you'd like to read more about the issues that affect your finances try signing up to On the Money , the weekly newsletter from our personal finance team, which will be issued every Friday to Irish Times subscribers.
Irish Times
25-04-2025
- Business
- Irish Times
Revolut eyes soft launch of Irish mortgages ‘in third quarter of this year'
Revolut is advancing plans for a soft launch of Irish mortgages before a full roll-out towards the end of the year, as it seeks to challenge the three main banks' grip of their most important line of business. 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, Joe Heneghan, chief executive of Revolut Europe, told The Irish Times after the group published its annual report for last year. 'I'd say it would probably be Q3 [third quarter of the year] for the testing and Q4 for the launch in Ireland,' he said. While Revolut had envisaged last summer that the Irish launch would take place in the second quarter of this year, Mr Heneghan said it was often difficult to predict so far in advance exactly when a project will launch. 'I wouldn't say there has been any surprise in the process,' he said. READ MORE Revolut initially plans to start offering Irish home loans directly through its app, supported by staff over the phone because of the complexity of mortgage underwriting, he said. The company may in the future 'explore' also using brokers, he said. Brokers account for about 47 per cent of the volume of home loans being written in the State. 'We think the mortgage process that customers go through at the moment [generally] is unwieldy and can be made a lot slicker,' Mr Heneghan said. Revolut's three million Irish customers will present a big opportunity to market its mortgage offering and 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 . Mr Heneghan also signalled that Revolut would compete on price – even if it has not yet made any decisions on rates – as it sets its initial sights on the loan switcher market. The European Central Bank (ECB) is cutting interest rates, which had reached 4 per cent last year. 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), driven by card fees and interest earned on surplus deposits placed with central banks. Group revenues rose by 72 per cent to £3.1 billion. The biggest contributor was net interest income as Revolut placed more of its growing excess deposits with central banks, including the ECB. Revenues from card payments, foreign exchange, wealth products and subscriptions for various plans – which are as expensive as €55 a month for its Revolut Ultra card – also advanced. The capacity Revolut has for lending is underscored by it having £22.3 billion of customer deposits internationally on its balance sheet at the end of last year, but less than £980 million of loans, most of them personal loans. The UK's national reporting centre for fraud and cybercrime, Action Fraud, received more complaints of Revolut customers being targeted by fraudsters than any other financial institution in 2023, the BBC reported last October, citing information received on foot of a freedom of information request. Revolut is also known to be more resistant to giving refunds than mainstream banks when customers are caught out by scammers, industry observers say. Mr Heneghan said Revolut 'invests a huge amount of time and energy and money in the fight against financial crime and fraud'. He said the group was deploying 'increasingly sophisticated' IT systems to protect customers. The company said it prevented an estimated £600 million of potential fraud through enhanced controls last year and that its customer service efficiency also improved, 'achieving 80 per cent faster resolution times'.
