Revolut banks on Stripe tech to expand payments globally

Soon to launch in Mexico and Brazil, Revolut joins a long list of Stripe users including N26, Ford and Spotify.

Revolut will now use Stripe’s financial infrastructure platform to power its payments in the UK and Europe.

Stripe’s international reach is also expected to accelerate the global expansion of Revolut, helping it enter and grow in new markets. The UK neobank is soon planning to launch in Mexico and Brazil.

With this latest partnership, Revolut joins a long list of tech companies that have turned to Irish-founded Stripe to power payments, including German neobank N26, Swedish fintech Klarna, US carmaker Ford and streaming giant Spotify.

“Revolut builds seamless solutions for its customers. That means access to quick and easy payments and our collaboration with Stripe facilitates that,” said David Tirado, vice-president of business development at Revolut.

“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 18m customers.”

Founded in 2015, Revolut has become one of Europe’s biggest fintech start-ups. The London-headquartered company now offers payments and bankings services to 18m customers and 500,000 businesses in more than 200 countries and territories.

Last month, the fintech made its debut in the highly competitive buy now, pay later market in Europe, with roll-out starting in Ireland. It also revealed this week that it is moving into in-person payments, launching a card reader for businesses in the UK and Ireland.

“Revolut and Stripe share an ambition to upgrade financial services globally. We’re thrilled to be powering Revolut as it builds, scales and helps people around the world get more from their money,” said Eileen O’Mara, EMEA revenue and growth lead at Stripe.

Even though Revolut has 1.7m customers in Ireland and is rolling out banking services here, the fintech is set to face stiff competition from Synch Payments, a mobile payments app venture from some of Ireland’s pillar banks. Synch recently took another step towards launch by picking a technology partner for its app.

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