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”.
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.
Robin has more than six years of experience as a financial journalist, most of which were spent at Citywire, and covers the latest developments in the investing, trading and currency transfer space. Outside of work, he enjoys reading literature and philosophy and playing the piano.
You can contact Robin at robin@goodmoneyguide.com
