“We will certainly make mortgages”

Nik Storonsky, co-founder and head of Revolut, doesn’t swear by cryptocurrencies. The new bank, however, seemed to be investing only in crypto in recent months, but a new plan will come to offset the times. In an interview with the Irish newspaper Independent, announced his desire to enter the mortgage market. A way to take sides on the mortgage through a process that is particularly ill conceived today.

The mortgage market, for him, would involve months-long trials for individuals. “At best it’s seven days”, he regretted, speaking of the length of time before he could get a response from the organizations. For the purchase of a house, Revolut could make its own revolution. “We will certainly make mortgages for consumers”, he confirmed. On the question of whether the new bank will take care of all the management or whether it will have to form partnerships, Nik Storonsky remains vague.

“It could be one of two models or a combination. The first is a mortgage financed by us as a bank. Or it could be like introducing a mortgage. But in the end what we want to create is a frictionless experience that is 100% digital, so in the app, apply for a mortgage, select the house you want to buy and at the same time receive an email. Everything would be instantaneous and automated “he said, host of the podcast of the Irish newspaper, live from the Web Summit in Lisbon (Portugal).

The two strategies of Revolut

Revolut has always managed to get by thanks to its ability to move quickly, release products at the right time, think of intelligent and careful expansion, as well as juggle perfectly between products parallel to banking products, and products competing with traditional banks. Mortgage loans will fall into the second category of products among neo-banks. The arrival of a Revolut cryptocurrency, meanwhile, will be part of the first basket.

In terms of authority clearance, Revolut has come most of the rocky journey for a fintech. The barriers are lower and Revolut is a lender in both the UK and Europe, including France. For mortgages, however, we will have to wait before anything happens in France. The priority will certainly be the United Kingdom. The deployment will not be so complicated from the point of view of the authorities, but from the knowledge of the market. In France, however, the authorized credit and the overdraft can no longer be delayed.

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