Revolut’s chief financial officer declined on Tuesday to say when the UK fintech plans to launch its eagerly-anticipated Irish mortgage product, saying it wants to make sure it will add significant competition to the market.
“We’re working on the product. When it’s ready, we’re going to bring it to market. We don’t want to bring to market a product that’s not adding significant value against the competition,” Victor Stinga, who has been CFO for more than three years, told reporters on a call, after Revolut reported that its pretax profit soared 57 per cent last year to £1.7 billion (€1.96 billion).
“We’re just making sure that the product is good before launch. So, bear with us.”
Executives from Revolut told The Irish Times last April that they were planning for an Irish launch of mortgages in the fourth quarter of 2025.
READ MORE
However, this has drifted as the group is continuing to focus, for now, on the Lithuanian market, home of its existing euro zone banking licence, where it unveiled its first mortgage product in May.
[ Revolut applies for US banking licence in push to crack American marketOpens in new window ]
Stinga said that the group plans to launch mortgages more widely across Europe in the coming years.
Revolut had 3.3 million customers in the Republic at the end of last year, up 10 per cent on 2024. Customer balances in the State grew by 56 per cent, while loan balances expanded by 73 per cent. However, the company did not give the actual value of Irish customers’ deposits and loans.
Group revenues rose by 46 per cent to £4.5 billion. The biggest contributor was £1 billion of card payment revenues – including fees on international money transfers, merchant fees for transaction processing, and charges on cash withdrawals outside customer plans. These grew 45 per cent.
Revolut also saw its net interest income soar 23 per cent to £974 million as it placed most of its growing excess deposits with central banks, including the European Central Bank (ECB), and “reputable financial institutions”, according to Revolut’s annual report.
Total customer balances soared 66 per cent to £50.2 billion as retail customers jumped 30 per cent to 68.3 million, business customers increased by 33 per cent to 767,000 – and more customers used Revolut for their primary bank account.
While Revolut’s personal and credit card lending grew last year and it built up an almost £90 million mortgage portfolio in Lithuania, its loan-to-deposit ratio stood at only 6.2 per cent at the end of December.
Revenues from foreign exchange increased 43 per cent to £606 million and those from wealth products rose 31 per cent to £663 million, driven by crypto and equities trading. Subscription revenues for its various plans – which are as expensive as €55 a month for its Revolut Ultra card – advanced 67 per cent to £708 million.
Founded in 2015, Revolut reached a $75 billion (€64.8 billion) valuation last November after completing a share sale.
The company officially secured a long-awaited full UK banking licence earlier this month. It is also seeking a second euro zone banking licence in France, and applied at the start of March for a bank charter in the US, which would mark a major step towards operating as a full-scale bank in that market.
Stinga declined to comment during the call with reporters on when Revolut will launch an initial public offering (IPO).
