Revolut targets mortgages as part of ‘product roadmap’ – Mortgage Strategy

Revolut has focused mortgages as a “core banking characteristic” in its “product roadmap,” because it swung to a full-year revenue.

The UK-based digital financial institution, which has 45 million prospects in 38 international locations, posted a £438m revenue in 2023, following a £25m loss a 12 months in the past, in line with its newest annual report.

It says revenue was boosted by greater rates of interest and the addition of 12 million retail prospects over the past 12 months. Revenues jumped 95% to £1.8bn over the identical interval.

The fintech agency provides: “There are a selection of different core banking options in our product roadmap together with mortgages and refinancing loans.”

It factors out: “As we develop our lending guide, specifically probably providing residential mortgages, the materiality of our local weather threat publicity could change.”

It provides that its “monetary planning course of, which supplies forecasts for the following 5 years, will assist us perceive when our local weather threat publicity could change into materials and once we would additional enhance our threat administration capabilities”.

Nonetheless, regardless of working as a licensed financial institution in 30 international locations, the agency doesn’t have a UK banking license, although it first utilized for one in 2021.

The enterprise has confronted a number of accounting and reputational issues over current years.

Revolut, which was valued at $33bn in 2021, stated in its annual report that it had “enhanced” its monetary controls in methods anticipated of “listed firms,” hinting at doable plans for an preliminary public providing – plans which were closely-watched by market observers for a while.