No, Revolut does not offer mortgages, but using it as a bank account will not stop you from getting a mortgage. Mainstream mortgage providers can use Revolut banking statements as evidence of income and spending to approve mortgage applications.
Revolut plans to offer AI assistant, mortgages and ATMs next year
Revolut has unveiled plans to overhaul its offering with the addition of a host of new features, including mortgages and physical cash.
At its Revolutionaries event in London on Friday, the banking fintech revealed its intention to introduce an AI-powered assistant, mortgages, ATMs, and develop its business-to-business offering in 2025.
In a statement, the firm said co-founders Nik Storonsky and Vlad Yatsenko went into detail about the firm’s plans to “continue disrupting global financial services” next year through “the roll out of innovative products and services”.
- Calculate how much your mortgage will cost with our mortgage repayment calculator.
These are set to include an AI-powered financial companion that will adapt to customers’ needs and preferences in-app and support them in shaping their money management habits. After being rolled-out gradually next year, this is expected to develop in sophistication over time.
Revolut plans to launch its mortgage product in Lithuania followed by Ireland and France in 2025.
The firm ultimately aims to offer a fully digital mortgage product that is the fastest on the market, issuing instant approval in principle and final offer in one business day, subject to checks.
Revolut plans for this to be the beginning of a “comprehensive” credit offering, with the company also looking at offering overdrafts.
The group is also set to soon start rolling out branded ATMs, starting in Spain in early 2025.
Revolut ATMs will dispense both cash and cards,with advanced security through facial recognition identity authentication. There are longer-term plans for these to also accept cash deposits.
Also in 2025, the firm’s business-to-business division, Revolut Business, will bring its first business credit product to Europe.
It aims to offer one of the top business savings rates in all EU markets next year.
Revolut Business also plans to help companies manage their restaurant and store operations with Revolut Kiosk, for which it is exploring biometric payments.
It plans to continue to develop its Revolut Pay offering with multiple payment methods including, in future, Buy Now Pay Later.
The new services are in line with Revolut’s long-term vision of being able to offer a quick way to do all things money, including spending, saving, investing, borrowing, managing.
The latest Good Money Guide review of Revolut found it was a “good entry-level account for most investors”.
It noted, however, that it is far from the safest platform out there, especially for those seeking to transfer large amounts of foreign currency.
The firm has recently come under the spotlight over its response to fraud, following a BBC Panorama investigation which aired in October.
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as The Sunday Times, BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.
To contact Richard, please ask a question in our financial discussion forum.
