Revolut taps Stripe’s infrastructure to launch in Mexico and Brazil
Payment heavyweights Stripe and Revolut are teaming up to enable the latter to tap into Stripe’s technology to support payments across the UK and Europe.
The two Fintech powerhouses will also collaborate to support Revolut’s expansion into new markets. The British-born startup is confident that the move would yield more business after a survey showed that 50% of respondents would deposit their salary on Revolut and 54% would spend more via the app if they had their deposits insured.
Revolut will leverage Stripe’s payments infrastructure and global footprint to launch in Mexico and Brazil. The firm says that Stripe’s support will help to enter these and other new markets more efficiently, and offer its customers a seamless payment experience that matches their local payment preferences.
Stripe, which competes with the likes of Square and Adyen, helps businesses of all sizes facilitate payments over the internet through its software as a service. Founded in 2010, the B2B firm started out by helping e-commerce companies integrate payments into their apps or websites.
“Revolut builds seamless solutions for its customers. That means access to quick and easy payments and our collaboration with Stripe facilitates that. 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 18 million customers,” said David Tirado, vice president of business development at Revolut.
“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.
To that end, Revolut will use ‘Stripe Treasury’ which offers a banking-as-a-service API that lets users embed financial services in their marketplace or platform. With a single integration, end-customers can hold funds, pay bills, earn interest and manage cash flow. Additionally, the solution takes care of the upfront bank negotiations, compliance processes and regulatory requirements.
Stripe also enables standardized access to banking capabilities by expanding its US bank partner network to include Goldman Sachs Bank and Evolve Bank & Trust. The company has also added Citibank N.A. and Barclays as global expansion partners, growing the group’s total to 50 financial institutions.