Revolut is thought to have moved a step closer to starting to sell mortgages in Ireland in a long awaited challenge to the established pillar banks. The neobank has held talks with brokers here and is weighing whether to offer homes loans through those intermediaries or directly to customers.
The Irish Times first reported in July that Revolut planned to start offering mortgages in Ireland, and that it was eyeing a launch in the first half of 2025. That range has now narrowed to between April and June, according to The Sunday Times.
A Revolut spokesman declined to comment.
The move is being closely watched as Revolut claims to have 2.7 million customers in Ireland. That equates to almost three-quarters of the population over the age of 18. Unlike other online banking rivals that kind of reach would put it in a good position to offer a direct challenge to the dominance of AIB, Bank of Ireland and Permanent TSB, which between them have about a 93 per cent share of the Irish mortgage market at present.
Revolut last month secured a $45 billion (€41bn) valuation in a share sale by employees, defying a wider downturn across fintechs and cementing its status as Europe’s most valuable start-up.
The company offers services in Ireland and across the EU through a banking licence secured in Lithuania. UK regulators finally signed off on a banking licence for Revolut there after a process that took an estimated three years.
Revolut moving into the mortgage market here would come barely nine years after the firm was set up. While it has been a meteoric success it has faced repeated criticism for its lack of supports for customers, particularly those who are victims of fraud.
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