Revolut is to deploy the financial infrastructure platform of Stripe in an attempt to accelerate its expansion into new markets.
The banking app will leverage Stripe’s infrastructure and international footprint to enter the markets of Brazil and Mexico specifically, while the integration will enable it to offer its customers payment services that align with their own local payment preferences; which happen to be extremely fragmented in the hot and ready fintech landscape of LATAM.
Founded in 2015, the banking app has evolved to become one of Europe’s great fintech success stories. After an initial launch of its money transfer and exchange services in the UK, the app broadened its offering with invoicing, insurance and trading services to around 200 countries worldwide.
Understandably, the app has “ambitious growth plans,” as stated in the official announcement, but while it faces a slump in the neobanking market, its ability to differentiate its offerings, as is now more achievable with the Stripe integration, aims to be one of the main drivers of these growth plans.
Recognising the “shared vision” between the two companies, the banking app’s VP of business development, David Tirado, describes how the collaboration will hope to achieve that vision, and how Stripe will assist the app in “exploring innovative new products.”
The two companies are expected to explore opportunities to deepen their collaboration and deliver payment products.
Adding that the collaboration is seeking to “upgrade financial services globally,” Eileen O’Mara, EMEA revenue and growth lead at Stripe, comments that the company is “thrilled to be powering Revolut as it builds, scales and helps people around the world get more from their money.”