UK Fintech News Roundup: The Latest Stories 20/07

Every Wednesday we delve into the latest fintech updates from across the UK. This week we look at Revolut’s new launch in collaboration with Sidemen, as well as a new payment solution for a British supermarket.

Revolut cooperates with the sidemen

Financial app Revolut has entered into a partnership with British YouTube group Sidemen to launch two new limited edition cards.

Alongside the usual benefits of Revolut’s cards, Sidemen cards offer 10 per cent cashback on all Sidemen-owned brands, including XIX Vodka, Sidemen Clothing and Sides restaurants. The card will also give access to three months of free access to the membership community Page+.

The launch is joined by the ‘believe expectations’ campaign; want to appeal to the 130 million followers gathered by the seven Sidemen members.

Shirin Krall, Revolut’s Global Head of Retail Marketing, said: “We are delighted to announce our partnership with Sidemen today. Having followed Sidemen for some time, we believe there is a lot of resonance between the Revolut and Sidemen brands and we are excited to see them come together for this ‘defying expectations’ campaign.”

Revolut also recently celebrated its seventh anniversary, revealing that it has passed 20 million retail customers worldwide, and now processes over 250 million transactions a month.

Payment service provider collaborates with supermarket in Great Britain

Provider of payment services World line has renewed its collaboration with the British retailer Morrisons to provide its new PIN, the Lane/3000 PIN pad, to nearly 500 stores in the UK.

The new PIN codes are fully compatible with PCI regulations to guarantee maximum security for the millions of multi-lane, self checkout and restaurant transactions processed every day. It also offers much faster transaction speeds than its previous offering, to ensure Morrisons’ customers have a quick and easy payment experience.

Lee Jones, Managing Director Northern Europe, Merchant Services at Worldline, said: “Morrisons is a much-loved household name across the UK and we are delighted to announce the extension of our partnership which will ensure fast and reliable payments for all Morrisons customers. We are very pleased to see the new Lane/3000 being rolled out across stores, allowing Morrisons and customers to benefit from a fast, seamless and secure solution.”

Credit management platform launched to tackle SME struggles

Scottish startup Know it has officially launched its beta cloud-based credit management platform.

Know-it looks set to tackle the growing number of late payments in the UK with the new platform. It will do this by enabling businesses to automate and simplify the way they manage their credit risk and credit control process.

Lynne Darcey Quigley. invoices and more, all from one user-friendly platform, which levels the playing field for small and medium-sized businesses.”

Atom Bank shows years of progress

UK-based challenger bank Atomic Bank released its full-year results; shows significant financial progress throughout the last financial year.

Atom Bank reported operating results in all four sectors in the last financial year, while revenues grew by 200 per cent. Atom cited a number of factors that contributed to its success; one of them is the introduction of a four-day working week without loss of pay in November 2021.

In addition to these improvements, the company also saw a more positive response from customer feedback than the previous year. Atom Bank saw an increase in both its Trust pilot and Net Promoter score.

Mark MullenCEO of Atom, said: “Atom continues to offer customers a better deal, with exceptional service, because we feel it’s the right thing to do. We’re here to make the experience of borrowing and saving easier, faster and better than anyone. Over the past 12 months, we have made remarkable progress on our journey towards realizing that ambition.”