Revolut, a fintech startup based in England, has entered into a partnership with Bottomline Technologies. Through this deal, Revolut will be able to secure a plugin method for a host of payment processing and settlement systems that will allow the startup to give its clients worldwide access.
According to the startup, they have over 7 million clients in Europe, and this deal will see Revolut’s customer base grow significantly. The Bottomline Universal Aggregator solution will allow Revolut to provide real time payment processing to its UK clients. The company provides its services to both retail and business clients, and the new aggregator will accelerate the progression of its business. Bottomline’s aggregator will give Revolut access to Britain’s Faster Payments Scheme. The scheme is a network that is used by banks and other traditional financial institutions to process payments.
A joint statement released by the two firms says that Bottomline’s payment system comes with all the historical access methods to Faster Payments. There is growing competition in the scale-up business, and Bottomline’s technology and expertise will help Revolut to work towards the delivery of a new service. Revolut can turn its focus towards growing its business while Bottomline ensures that the payment processing part of the business continues to move forward.
Expanding business and preparing for possible effects of Brexit
Revolut has built an extensive financial technology business that covers a wide range of financial options. The startup says that its foreign exchange, stock, and cryptocurrency platform has about 1.1 million active daily users. The platform allows these clients to make peer-to-peer payments which gives them several trading options. Cryptocurrency trading is one of the fastest growing financial industries, and Revolut has firmly placed itself in the market.
Nik Storonsky, Revolut’s CEO, said that the startup is looking to enter a fresh round of fundraising before the end of the year in a bid to support the scaling of its operations. The company said that it now handles over $4 billion worth of transactions monthly and they need to adjust their systems accordingly. They expect to have their customer base expand to at least 100 million users over the next 5 years, and the platform has to be scaled up to accommodate those clients.
British businesses are making moves to prepare for Brexit and the possible fall out that could come as a result. Revolut has acquired its European business license which will allow the company to make a smooth transition after Britain leaves the European Union. The company will be able to provide their clients with credit and deposit services, personal loans, and overdrafts. The license also means that people who make use of Revolut’s services will be covered by the European Deposit Protection scheme, which has a potential payout of up to €100,000 per client.