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In addition to improving payment options, Stripe and Revolut will also explore opportunities to expand their partnership and create new payment products.
Revolut Ltd, a British fintech company that provides mobile app-based current accounts, has partnered with Stripe Inc, San Francisco-based financial services and software as a service (SaaS) company. Within the deal, Revolut will use Stripe to facilitate payments in the UK and Europe.
David Tirado, vice-president of business development at Revolut, commented:
“Revolut builds seamless solutions for its customers. That means access to quick and easy payments and our collaboration with Stripe facilitates that. We share a common vision and are excited to collaborate across multiple areas, from leveraging Stripe’s infrastructure to accelerate our global expansion, to exploring innovative new products for Revolut’s more than 18m customers.”
In addition to improving payment options, Stripe and Revolut will also explore opportunities to expand their partnership and create new payment products. According to the press release, the next targets will be Mexico and Brazil.
Eileen O’Mara, EMEA revenue and growth lead at Stripe, said:
“Revolut and Stripe share an ambition to upgrade financial services globally. We’re thrilled to be powering Revolut as it builds, scales and helps people around the world get more from their money.”
Last month, Stripe made its bank transfer offering available to businesses in the UK, EU, and Mexico. Besides, it partnered with US-based BNPL company Affirm to reach more users in the US with its Buy Now, Pay Later offering.
Founded in 2015, Revolut offers banking services including GBP and EUR bank accounts, debit cards, fee-free currency exchange, stock trading, cryptocurrency exchange, and peer-to-peer payments. With over 18 million retail customers globally and more than 500,000 corporate clients, Revolut provides payment services to retail and business users in about 30 currencies.
Recently, Revolut was rolling out a streamlined version of its app in Sri Lanka, Chile, Ecuador, Azerbaijan, and Oman. By the end of this year, the company is planning to have a presence in up to 90 countries. Growing rapidly, Revolut wants to build a global financial “super app”. And according to its founder and CEO Nikolay Storonsky, the company has enough money for achieving its goal for at least two more years, without the need to raise capital. The last time Revolut raised funds was last year. In the Series E funding round, Revolut raised as much as $800 million, at a $33 billion valuation. SoftBank and Tiger Global were the leading participants.
Recently, Revolut introduced Revolut Reader, a pocket-sized card reader that allows merchants to accept payments both in person and on the go. Available in the United Kingdom, Revolut Reader offers instant and secure transactions for debit and credit cards, as well as contactless payment methods.