Revolut teams up with Stripe to support expansion

Fintech Revolut has signed up with Irish-founded payments company Stripe to support its business in the UK and Europe and further its growth into new global markets.

Revolut plans to launch in Mexico and Brazil, using Stripe’s infrastructure to support seamless payments.

“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 18 million customers.”

Stripe and Revolut will also examine other opportunities to collaborate on new products.

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

Stripe, which was cofounded by Irish brothers Patrick and John Collison in 2010, has built an extensive payments infrastructure for companies and handles billions of dollars in transactions each year. Its most recent funding round valued the company at $95 billion (€93 billion), although it has reported to have shed some of that figure in recent weeks as the economic climate hits the fintech industry.

The move comes at a time of turmoil for fintechs globally, as fears of a recession force some companies to put stock market flotation plans on hold and others are cutting expenses and staff.

Launched in 2015, Revolut now has 18 million customers, with 1.7 million in the Republic. The company recently rolled out its Revolut Bank service in the UK and the Republic, and offers current and deposit accounts, insurance, loans, and trading and invoicing.

Revolut said on Tuesday that it was launching its first hardware product, designed to be used to accept payments at points of sale.