“we will definitely do mortgages”


Nik Storonsky, the co-founder and boss of Revolut, doesn’t swear by cryptocurrencies. The neo-bank, however, seemed to invest only in cryptography in recent months, but a new plan will come to counterbalance the schedule. In an interview with the Irish newspaper Independent, he announced his desire to enter the mortgage market. A way to deploy on the mortgage via a process particularly poorly designed today.

The mortgage market, for him, would entail months-long processes for individuals. “At best it’s seven days”, he regretted, speaking of the duration before being able to obtain a response from the organizations. For the purchase of a house, Revolut could make its revolution. “We will definitely do mortgages for consumers”, he confirmed. As to whether the neo-bank will take care of all the management or whether it will need to forge partnerships, Nik Storonsky remains vague.

“It could be one of two models, or a combination. The first is a mortgage financed by us as a bank. Or it could be like a mortgage introduction. But ultimately what we want to create is a frictionless experience that’s 100% digital, so in the app you apply for a mortgage, select the house you want to buy, and then receive an email at the same time. Everything would be instantaneous and automated”he said, guest in the podcast of the Irish newspaper, live from the Web Summit in Lisbon (Portugal).

Revolut’s two strategies

Revolut has always managed to get by thanks to its ability to move quickly, release products at the right time, think about smart and careful expansion, as well as juggle perfectly between products parallel to banking products, and products competing with banks traditional. Mortgage loans will fall into the second category of products among neo-banks. The arrival of a Revolut cryptocurrency, meanwhile, will belong to the first basket.

In terms of permission from the authorities, Revolut has walked the majority of the rocky journey for a fintech. Barriers are lower and Revolut is a credit institution in both the UK and Europe, including France. For mortgage loans, it will nevertheless be necessary to wait before seeing something happen in France. The priority will certainly be on the United Kingdom. The deployment will not be so complicated from the point of view of the authorities, but of the knowledge of the market. In France, however, authorized credit and overdraft cannot be delayed any longer.

Current account

Conditions: None

Annual fee: €0 • Initial deposit: €0

Check deposit: ✘ • Cash deposit: ✘

Bank card

Monthly cost of the card: 0 €

Euro zone withdrawals: Free up to €200 per month • Euro zone payments: Free

Foreign currency withdrawals: Free up to €200 per month • Foreign currency payments: Free

Proposed cards

mobile payment



Leave A Reply

Your email address will not be published.

rabit tradon seo tool seo hyperlink with keyword generate reset