Revolut is gearing up to introduce Irish mortgages with a soft launch before a full rollout later this year, aiming to challenge the dominance of traditional Irish banks in the mortgage market. The UK-based fintech company has initiated market testing in Lithuania, where it holds its euro zone banking license, and has already issued home loans there. Joe Heneghan, CEO of Revolut Europe, disclosed that the testing phase is anticipated to occur in Q3, with the official launch planned for Q4 in Ireland.

Initially, Revolut intends to offer home loans directly through its app supported by phone assistance due to the intricacies of mortgage underwriting. The company might also consider involving brokers in the future, as brokers currently account for a significant portion of home loan volume in Ireland. Revolut sees an opportunity to streamline the mortgage process for its three million Irish customers and compete with the three major Irish banks, which collectively controlled 92% of last year’s €12.6 billion mortgage market.

In addition to Revolut, other players like Avant Money, ICS Mortgages, Nuá Money, and MoCo are also aiming to disrupt the mortgage market dominated by traditional banks. Revolut plans to focus on competitive pricing, particularly targeting the loan switcher segment. The company’s robust financial performance, including a 129% increase in net profit and a 72% rise in group revenues, reflects its growing customer base and successful business model. Revolut’s commitment to combating financial crime and fraud is evident through its substantial investments in advanced IT systems, resulting in the prevention of an estimated £600 million in potential fraud last year.