Revolut enters physical POS industry with acquisition of Nobly
Revolut, one of the largest financial companies in the world which are in the race to become the financial super app of the world, has announced that it has acquired the hospitality POS provider Nobly.
The details of the transaction were not made public as yet but it is believed that this would be the first foray of the platform into the POS business as it seeks to expand its horizons vertically and horizontally as well.
Revolut’s Expansion Plans
While on the one hand, it is looking to expand the UK and Europe and looking for new regions to push its platform to, it is also busy looking to set up its businesses in other related industries so that it would be useful for it to expand quickly. The acquisition of different businesses from across the financial industry is also part of this strategy as it gives them access to a large userbase immediately.
Nik Storonsky, CEO of Revolut said: “The Nobly team has built a great product and expertise which will further advance our mission to offer a one-stop-shop solution to enable merchants of every kind to manage their finances and run their businesses from a single platform.”
Competition Hotting Up
Nobly is a POS payment processing company that focuses mainly on the hospitality industry helping them with inventory management, order management, back office, online ordering, etc., and has customers in the UK, USA as well as Australia. The acquisition of this company is likely to be a shot in the arm for Revolut which is likely to find the going a bit difficult in markets like the US where there are already strong competitors for its primary services and they include well-funded companies like Robinhood, Paypal and possibly Amazon in the future as well.
Revolut has also said that it would be looking to take the services of Nobly across its existing markets in different parts of the world and this, is likely to come in direct competition to Square. This is where things are expected to hot up and make it difficult for Revolut which started small with few features and has gradually grown over the last couple of years into a financial behemoth within the UK and Europe as well. But to keep doing well, it has to keep running and expanding which is what is likely to become difficult in the coming years unless it constantly innovates.