- Fintech startup Revolut is launching its own acquiring solution.
- Revolut offers business accounts.
- Revolut supports 14 currencies and settles payments on your Revolut Business account.
- The Revolut’s acquiring solution is integrated with Revolut Business.
Fintech startup Revolut is launching its own acquiring solution. With this move, the company is competing directly with Stripe, Adyen, Braintree, or Checkout.com. This is an in-house product and not just a fresh coat of paint on an existing solution.
As a reminder, Revolut already offers business accounts. It lets users send and receive international payments, and exchange funds in multiple currencies. Users also can order debit cards to spend money from Revolut account directly.
With Revolut’s acquiring solution, the company is going one step further, as users can now accept card payments from users customers. Revolut supports 14 currencies and settles payments on users Revolut Business account the next day.
What is Revolut?
Revolut offers a range of digital banking services in a mobile app targeted at young tech-savvy users, including:
- Transferring money abroad in 29 currencies. A pre-paid debit card that enables cash machine withdrawals in 120 countries. A cryptocurrency exchange allowing users to convert currencies into Bitcoin, Litecoin, Ethereum, Bitcoin Cash, or XRP.
- Vaults for budgeting and saving money
- Mobile phone and overseas medical insurance
With standard accounts, users get a free UK current account and a free euro IBAN account. There are no fees on exchanging in 24 currencies, up to £5,000 a month, and you can withdraw up to £200 a month from cash machines.
Revolut also offers monthly subscription plans with higher thresholds for no fees, as well as instant access to crypto-currencies, cashback, travel and concierge service.
Revolut’s business advantage
The main advantage of Revolut’s acquiring solution is that it’s integrated with Revolut Business. Users can see payments and banking in the same interface, one don’t need to alternate between Stripe account and bank account to reconcile transaction data.
The company is competing directly with Stripe, Adyen, Braintree or Checkout.com
Revolut’s new acquiring solution lets firms install plug-in checkout software or build their own custom features to take card payments online
Businesses can also share links with customers through its platform to receive payments, Revolut said. The service is currently only available in Europe.
