- Revolut has extended its long-term, strategic partnership with Modulr
- The partnership will see Modulr鈥檚 24/7 payments infrastructure continue to power Revolut鈥檚 UK financial services and current accounts
- Powered by聽Modulr,聽Revolut聽has exciting new projects in the pipeline
Revolut has today announced the extension of its partnership with聽Modulr, as the two聽FinTechs聽pursue their ongoing mission to disrupt financial services.聽Modulr聽will continue providing the 24/7 payments infrastructure which powers聽Revolut鈥檚聽unique and extensive range of financial products.
The flexibility, resilience and scalability of聽Modulr鈥檚聽technology has played a key role in聽Revolut鈥檚聽rapid growth.聽Revolut聽has used聽Modulr鈥檚聽API platform since 2017, enabling quick account creation and fast transaction processing. With聽Modulr鈥檚聽support,聽Revolut聽has been able to offer over 12 million customers a robust suite of financial services,聽including聽UK聽GBP current accounts聽with聽sort codes and account numbers, along with聽access to UK payment schemes including Faster Payments, Bacs and CHAPS.
In late 2019,聽Revolut聽utilised聽Modulr鈥檚聽Direct Debits Mandate service to launch another essential feature for customers.聽This feature allows聽Revolut鈥檚聽EEA customers with local UK account details to make all their regular GBP Direct Debit payments straight from their聽Revolut聽accounts聽鈥� whether they鈥檙e consumers paying for gym memberships or utility bills, or businesses paying regular invoices.
In recent years,聽Revolut聽has also expanded its offering to include physical and virtual cards, vaults for individuals or group savings, a trading platform and cryptocurrency services. These releases have helped聽Revolut聽to rapidly grow and expand its customer base globally.
The extended partnership with Modulr will fuel further innovation.聽Revolut聽has ambitious plans for the rest of the year, with several product releases in the pipeline.
Nik Storonsky, CEO and Founder at聽Revolut, said: 鈥淲e鈥檙e excited to have聽Modulr聽by our side as we continue on our mission to disrupt the financial services space. The partnership has already enabled us to deliver a competitive range of financial services, and we鈥檙e looking forward to further innovation together. We鈥檙e looking forward to launching more hugely beneficial products to聽Revolut聽customers, powered by聽Modulr. Now more than ever, our customers around the world need the tools to manage their finances conveniently and proactively.鈥�
Myles Stephenson, CEO and Founder at聽Modulr, said: 鈥淩evolut聽is a leading challenger in the financial services space, with a聽drive聽to building products that meet the demands of our changing world and today鈥檚 Instant Economy. With聽Modulr鈥檚聽commitment to payments innovation, the partnership is a natural fit. We鈥檙e excited to continue our journey with聽Revolut聽and look forward to seeing the impact of their future innovative releases.鈥�
