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Revolut takes on digital payment rivals with new service for businesses

Anna Irrera
·2 min read

By Anna Irrera

LONDON, Dec 4 (Reuters) - Fintech startup Revolut on Friday launched a new service allowing businesses in 13 European countries to accept online card payments, expanding its product range and taking on established rivals in a high-growth area.

The new product, known as merchant acquiring, pits Revolut against fast-growing incumbent digital payment providers Stripe and Adyen. The digital payments sector is booming partly because of coronavirus lockdowns which have pushed more commerce online.

British-based Revolut has attracted more than 13 million retail customers since its launch in 2015 with a range of money management tools, including a debit card connected to an app that allows users to spend different currencies at the interbank exchange rate with low fees.

Its new service will enable businesses to accept card payments online directly into their accounts, Revolut said on Friday. It will cost 1.3% for United Kingdom and European Economic Area cards and 2.8% for all other cards.

Businesses can accept payments in 14 currencies and funds can be converted to another currency at the interbank rate, saving money on foreign exchange, Revolut said.

Revolut, which provides bank accounts to 500,000 businesses, said the service will make it easier for companies to operate, by allowing them to manage financial flows in one place without have to reconcile between their acquiring and banking platforms.

"Payments sit at the core of any business so we have crafted a solution that meets not only their business account demands but also their payment acceptance requirements," said Revolut's CEO Nik Storonsky.

Revolut, one of the world’s fastest-growing banking apps, has expanded internationally, including in the United States and Singapore this year and has expanded partnerships with payments companies Visa and Mastercard. (Reporting by Anna Irrera. Editing by Jane Merriman)