Revolut is fairly new in the industry, as it is less than a decade old. Founded in 2015, the company quickly rose to prominence and became one of the industry’s leading brands. Revolut excels in its app, where its users can use peer-to-peer technology.
Today, many people in the financial technology industry recognize Revolut as a unicorn. What it means is that the company is a rarity. It appeared out of nowhere and succeeded where others did not. With their P2P platform, Revolut made it possible for their users to make P2P payments, international money transfers and even invest in stocks. They also have money management tools.
Revolut has 18 million customers worldwide, with more than 500,000 business accounts. Their customer base reaches far and wide, covering more than 200 territories.
Revolut to Facilitate Payments Through Stripe’s Infrastructure
It is not only a casino online that needs online payments. Many small businesses and buyers need a fast way to conduct transactions, but their options are limited. Stripe and Revolut are partnering to facilitate payments in Europe as part of their expansion plan.
The plan is to have Revolut use the system of Stripe to allow Revolut to facilitate payments in Europe. Both companies are powerhouses in the fintech industry, and the partnership will open doors for Revolut to support payments in the UK and Europe.
Revolut plans to upgrade the entire fintech industry. With this partnership, Stripe and Revolut are creating a strong alliance, which will shake the landscape of the fintech world. These two companies have a combined valuation of more than $129 billion.
The VP of Business Development of Revolut said that they were in the process of building a seamless solution for their customers. What they want is to give their customers a quick way to make payments—not just quick but also easy to access. The collaboration with Stripe is a testament that both companies share the same vision. Revolut will leverage Stripe’s infrastructure and then use it to accelerate its global expansion.
Revolut has a plan, or vision, to explore new territories in the fintech industry. They plan to explore innovations to provide a better experience to their 18 million customers.
The Head of EMEA Revenue and Growth for Stripe said that the two companies had a shared ambition. They want to upgrade financial services in Europe and the world. The Stripe team is excited to partner with Revolut and power their payment systems.
It means that Revolut does not have to build a payment system from scratch. Instead, they will use what Stripe already has. This strategy allows Revolut to focus on providing service and new ways to facilitate payments, not on building the technical infrastructure to make it happen. It is not an uncommon approach, as many companies do this. For example, it is not unusual for an internet service provider to use the lines or infrastructure of a larger company. In return, the bigger company gets paid the “rent.”
In the future, both companies will work together to give Revolut a bigger footprint in Europe and other areas like Mexico and Brazil. To make this happen, Revolut has to use Stripe’s payment system, which already has a solid foothold in these areas. It makes perfect sense for both companies. Revolut does not have to recreate software programs. They only have to acquire new customers and launch new products. On the other hand, Stripe gets paid fees. However, this fee is private, as both companies did not reveal the details of this deal.
According to Revolut, the payment system of Stripe will allow the company to offer its customers a seamless payment experience. In addition, the customers will also have the convenience of matching the payment experience with their local payment preferences. It means that customers can pay with their local currency, not USD or other currencies.
Other Projects of Revolut
Revolut announced that it is launching a product called Revolut Reader. It is a card reader, a hardware device, that can read cards. Merchants can use it as a point-of-sale. What this entails is that Revolut is also shifting its focus to the POS industry.
Because of this, one can surmise that the company is in the process of dominating in-person payments. The good news is that Revolut is charging a small transaction fee of 0.8%. This small fee is something that small merchants would truly appreciate because most banks that issued card readers are charging a hefty fee.
Revolut Reader now provides empowerment to small merchants. Small business owners no longer have to depend on institutionalized banks to be able to accept credit cards. The card reader is also fast, as it can process payment transactions in less than five seconds.
Revolut also committed to creating a POS system soon. This POS system will give their customers greater flexibility in getting paid. In time, merchants have the option to buy the POS system and the card reader. Both of these devices will allow them to get paid not just online, but also in-person.