financemagnates - 10/10/2019 4:19:33 AM - GMT (+0 )
British financial technology start-up Revolut has secured an easy plug-in to an array of payment clearing and settlement systems around the world through a partnership with Bottomline Technologies.
Revolut, which says it has 7 million customers in Europe, has selected the Bottomline Universal Aggregator solution to deliver real-time payment services to its UK retail and business customers.
The Four-year-old firm, which is looking to raise $500 million in funding, already holds an e-money license by the UK’s FCA, which was a precursor to getting the banking relationship with British banks. The aggregator service also allows Revolut to use Britain’s Faster Payments Scheme, a network used by the traditional financial industry.
“Bottomline’s real-time payment and settlement service provides all the core benefits of the historical access methods to Faster Payments. Given the competitive dynamic of a fast-growing scale-up organisation, Bottomline’s expertise and leading technology have helped us accelerate the delivery of a new service and allowed us to centre our attention on growing our business,” said Revolut in a joint statement.
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Revolut firm claims to have 1.1 million daily active users who are using its foreign exchange and stock and crypto brokerage as well as peer-to-peer payments.
The company’s CEO, Nik Storonsky, revealed plans to raise a fresh round of funding later this year to scale operations that now handle $4 billion in monthly payment transactions. He projects the users number to reach a 100 million milestone in the next five years.
Revolut has also received its European banking license as the mobile app makes preparations for a shift in Europe’s financial services landscape after Brexit. The approval allows the firm to offer credit and deposit services, overdrafts and personal loans across the continent. The company’s clients will also be covered under the European Deposit Protection scheme, which protects their funds and pays back up to €100,000 per user.
In addition, the London-based startup has secured a remittance license from Singapore’s regulators and full authorization from Japan’s FSA, hoping to grab a slice of the region’s mobile payments business.
The financial technology firm also allows its customers to buy, sell and hold cryptocurrencies. Since launching the new version of its app in January, Revolut has seen a tremendous amount of interest, but it has since trailed off as the prices have fallen.