Stripe is partnering with Revolut to support payments and expansion

The Stripe and Revolut Fintech power plants have merged, and Revolut uses Stripe’s technology to support payments made in the UK and Europe.

The two companies will later work together to support Revolut’s expansion into new markets. Revolut wants to launch in Mexico and Brazil, and leverage Stripe’s payment infrastructure and global footprint to help them achieve that. The London-based fintech says Stripe’s support will “offer its customers a seamless payment experience that matches their local payment preferences”.

Revolut was founded in 2015 and has led to it becoming one of the largest fintech unicorns. The app gives users easy access to peer-to-peer payments, cross-border money transfers, investing in stocks and shares and money management tools. The company has more than 18 million customers and 500,000 business accounts in over 200 territories worldwide.

“An ambition to upgrade financial services globally”

By merging, the two fintechs create one of the most formidable partnerships in the fintech landscape. Between them, the two companies have a reported total valuation of over 120 billion dollars.

David Tirado, VP Business Development at Revolut, says: “Revolut builds seamless solutions for its customers. This 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 18 million customers. “

Eileen O’Mara, Head of EMEA Revenue and Growth for Stripe, adds: “Revolut and Stripe share an ambition to upgrade financial services globally. We are excited to run Revolut as it builds, scales and helps people around the world get more out of their money. ”

Launch of Revolut card reader signals focuses on POS

Earlier this week, Revolut announced that it was launching Revolut Reader, its first hardware device, to support point-of-sale sellers. The new card reader signals a greater focus on personal payments as the world enters a post-Covid economy, an economy that has been hit hard by rising inflation rates and high energy costs.

The relatively low transaction fee – which accounts for 0.8% of the transaction, or £ 0.02 or € 0.02 per transaction – will satisfy smaller sellers as they struggle with rising costs. Revolut Reader provides instant and secure transactions with payment speeds of less than five seconds. The company promised to develop another POS solution in the coming months, which will provide greater flexibility to larger sellers and allow them to integrate Revolut Readers into their existing POS systems.