Revolut's Irish mortgages are a game changer, and the banks know it
Revolut plans to challenge Irish lenders by entering the mortgage market in 2025. With 2.7 million customers in Ireland, the fintech firm's diverse services and rapid growth position it as a formidable competitor.
Read original article
Revolut, a UK-based fintech firm, is set to enter the Irish mortgage market in the first half of 2025, posing a significant challenge to traditional Irish lenders. With a customer base of 2.7 million in Ireland as of last December, Revolut has established itself as a major player in the financial services sector. The company's rapid growth and diverse range of services, from cryptocurrency trading to insurance, have positioned it as a formidable competitor. While Revolut currently holds $22 billion in customer balances globally, it only has $680 million in loans, primarily in personal lending and credit cards. The company's entry into the mortgage market is expected to bring a new level of competition, with industry sources speculating that Revolut will offer mortgages directly. Despite the potential impact on the market, Revolut aims to provide a seamless customer experience similar to its other products. The move is seen as a game changer that could disrupt the traditional banking landscape in Ireland.
Related
What is ZIRP, and how did it impact the startup world? [video]
During the Zero Interest Rate Policy (ZIRP), the Federal Reserve keeps rates near 0%, boosting VC funding to startups. This led to rapid unicorn growth, new investors, and altered founder strategies. Challenges and opportunities arose, urging strategic decisions.
Inside FICO and the Credit Bureau Cartel
Mortgage lenders are challenged by a credit bureau cartel collaborating with FICO, impacting costs and competition. Director Chopra criticizes lack of competition, shedding light on significant expenses incurred by lenders.
FICO and the Credit Bureau Cartel
Mortgage lenders are challenged by a cartel involving major credit bureaus and FICO, leading to rising costs for credit reports and scores. Director Chopra aims to regulate prices, gaining support from affected mortgage bankers.
Revolut CEO Storonsky Builds Side Bet to Disrupt Venture Capital with AI
Billionaire Nik Storonsky launches QuantumLight, a venture capital firm emphasizing AI for early-stage investments. With $200 million raised, Storonsky aims to revolutionize venture capital through data-driven strategies.
Thousands ofAmericans got caught in fintech and lost access to bank accounts
The collapse of fintech middleman Synapse left thousands of Americans locked out of their bank accounts, raising concerns about the safety of fintech partnerships with banks. Regulators are scrutinizing banks providing services to fintech companies. Customers face financial distress despite believing their funds were protected by the FDIC.
6 commentsNo.
I want it all done through the app and automatically. I really don't want to speak to anyone.
Every human in the line is one more who wants their fee, can make a mistake, or delay the whole process.
Especially for lower value mortgages (ie. 50% of property value), no inspection should even be needed - merely the fact that every other house on the street is valued at €X and you are giving me €X/2 secured on a property probably worth ~€X should be security enough.
It completely fails to say if it has some difference in LMI or leverage, loan to value, early payment, sharper interest rates: no details why it is such a game changer. Just "it is"
Maybe somebody can say why?
Related
What is ZIRP, and how did it impact the startup world? [video]
During the Zero Interest Rate Policy (ZIRP), the Federal Reserve keeps rates near 0%, boosting VC funding to startups. This led to rapid unicorn growth, new investors, and altered founder strategies. Challenges and opportunities arose, urging strategic decisions.
Inside FICO and the Credit Bureau Cartel
Mortgage lenders are challenged by a credit bureau cartel collaborating with FICO, impacting costs and competition. Director Chopra criticizes lack of competition, shedding light on significant expenses incurred by lenders.
FICO and the Credit Bureau Cartel
Mortgage lenders are challenged by a cartel involving major credit bureaus and FICO, leading to rising costs for credit reports and scores. Director Chopra aims to regulate prices, gaining support from affected mortgage bankers.
Revolut CEO Storonsky Builds Side Bet to Disrupt Venture Capital with AI
Billionaire Nik Storonsky launches QuantumLight, a venture capital firm emphasizing AI for early-stage investments. With $200 million raised, Storonsky aims to revolutionize venture capital through data-driven strategies.
Thousands ofAmericans got caught in fintech and lost access to bank accounts
The collapse of fintech middleman Synapse left thousands of Americans locked out of their bank accounts, raising concerns about the safety of fintech partnerships with banks. Regulators are scrutinizing banks providing services to fintech companies. Customers face financial distress despite believing their funds were protected by the FDIC.