Financial tech company Revolut could start offering mortgages to Irish users, CEO and co-founder Nikolay Storonsky has said.
It comes as the platform moves towards becoming a “super app” amid its latest development to include instant messaging.
The CEO of Revolut has said the company could begin to offer mortgages to users across the world, including Ireland, where it is used by 2 million people.
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The process of applying for a mortgage through the app would be “a frictionless experience” and “100% digital”, Nik Storonsky said.
He outlined that the process could follow a combination of models, but, essentially, it would all take place on the app in an “instant and automated way”.
Nik said: “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.
“Ultimately, what we want to build is a frictionless experience that is 100% 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.”
He outlined the plans on the Irish Indepedent’s Big Tech Show with Adrian Wreckler, as the pair met at the Web Summit in Lisbon, Portugal. Nik said: “We will definitely do mortgages for consumers, 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'.”
However, a spokesperson told the Irish Mirror that no solid plans had been confirmed. They said: "On background, we would point out that Nik was talking quite hypothetically and nothing definitive, either on product or timelines, was announced.”
It comes as the platform have launched Revolut Chat, which will allow users to chat via an instant messaging feature whilst they send or request money.
A statement from the company on Wednesday, November 2, said: “A recent UK and European survey of 8,000 people, commissioned by Revolut, found that two thirds of people (67.5%) find it difficult to discuss money.
“The new chat feature in the Revolut app aims to make talking about money less awkward by keeping it in one place.”
Nik described the move as bringing them “one step closer to being a global financial super app”.
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