News was released this week of a new PropTech partnership: banking disrupter Revolut has joined up with mortgage brokerage, Trussle, to offer broking directly to customers.
In my line of work, I find myself talking a lot; so it’s nice when, something happens in the real world that backs up the theories I wistfully verbalise.
I’ve been talking a lot about collaboration recently, collaboration between PropTech and the outside world. And this week, a perfect example has come to fruition.
Revolt is, according to its website, the ‘21st century banking alternative designed for your global lifestyle’, allowing users to send and exchange money freely, around the globe. It’s mobile first and, with an amiable enthusiasm, claims to make ‘managing your money enjoyable’.
Trussle, I’m sure, we’re all already familiar with - the online mortgage broker offering ‘mortgages without the hassle’.
Revolut customers, of which the are 360,000 in the UK, will now be able to access Trussle’s online mortgage brokering service directly through the Revolut app. This will give them access to thousands of products from over 90 lenders and suggest the most suitable deal for their needs. Thanks to Trussle’s tech, this can be done in under 60 seconds.
Nikolay Storonsky, CEO and Founder of Revolut, had this to say:
“This partnership is yet another example of Revolut offering a real alternative to traditional banks, and we’re delighted to partner with Trussle to provide our users across the UK with a pain-free way to find, secure and manage their mortgage.”
And Ishaan Malhi, CEO and founder of Trussle, said:
“We’re delighted to partner with Revolut who, like us, believe that technology can be used to drastically improve the financial well-being of millions of people. From today, Revolut customers will...always be on the most suitable mortgage deal for them.”
Two very happy CEOs.
The partnering of FinTech and PropTech; just like Steinbeck’s Of Mice and Men, it’s the story of a symbiotic relationship. But whereas Steinbeck’s version was destined to end in tragedy, ours is a lot more hopeful.
I think we should take great pleasure from this news because, if this collaboration proves successful, I have no doubt that it will give proof of concept to many other budding partnerships, as of yet hesitant to take the leap.
Confidence in PropTech is at an all time high, we are fast approaching a boom. But it’s still not time to get cocky. When the growth plateaus and innovation slows, it’s important to have a strong and steady foothold. The zeitgeist term is ‘future-proofing’, and for me, that means collaboration.
Trussle and Revolut have reached across the aisle and we’ll have to wait and see how it goes. I’m optimistic, though, that this one small step for tech, will be one giant leap for property.