- Revolut has extended its long-term, strategic partnership with Modulr
- The partnership will see Modulr’s 24/7 payments infrastructure continue to power Revolut’s UK financial services and current accounts
- Powered by Modulr, Revolut has exciting new projects in the pipeline
London, UK, 7th July
Revolut has today announced the extension of its partnership with Modulr, as the two FinTechs pursue their ongoing mission to disrupt financial services. Modulr will continue providing the 24/7 payments infrastructure which powers Revolut’s unique and extensive range of financial products.
The flexibility, resilience and scalability of Modulr’s technology has played a key role in Revolut’s rapid growth. Revolut has used Modulr’s API platform since 2017, enabling quick account creation and fast transaction processing. With Modulr’s support, Revolut has been able to offer over 12 million customers a robust suite of financial services, including UK GBP current accounts with sort codes and account numbers, along with access to UK payment schemes including Faster Payments, Bacs and CHAPS.
In late 2019, Revolut utilised Modulr’s Direct Debits Mandate service to launch another essential feature for customers. This feature allows Revolut’s EEA customers with local UK account details to make all their regular GBP Direct Debit payments straight from their Revolut accounts – whether they’re consumers paying for gym memberships or utility bills, or businesses paying regular invoices.
In recent years, Revolut 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 Revolut to rapidly grow and expand its customer base globally.
The extended partnership with Modulr will fuel further innovation. Revolut has ambitious plans for the rest of the year, with several product releases in the pipeline.
Nik Storonsky, CEO and Founder at Revolut, said: “We’re excited to have Modulr 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’re looking forward to further innovation together. We’re looking forward to launching more hugely beneficial products to Revolut customers, powered by Modulr. Now more than ever, our customers around the world need the tools to manage their finances conveniently and proactively.”
Myles Stephenson, CEO and Founder at Modulr, said: “Revolut is a leading challenger in the financial services space, with a drive to building products that meet the demands of our changing world and today’s Instant Economy. With Modulr’s commitment to payments innovation, the partnership is a natural fit. We’re excited to continue our journey with Revolut and look forward to seeing the impact of their future innovative releases.”
Revolut is here to transform the way money works. As an innovative, new kind of financial platform, Revolut gives people the power to spend, invest and transfer money without the sky-high fees charged by the big banks. Since launching in 2015, Revolut has expanded significantly beyond its origins as an FX product, adding new features all the time, including Commission Free Trading, Donations, Group Vaults, Junior accounts, budgeting control features and cryptocurrency exchange.
Headquartered in London, with 2,000 people in 23 offices, Revolut is now one of the biggest FinTech communities in the world, with over 12 million customers. Since launch, Revolut has processed more than 1bn transactions worth over $100bn. www.revolut.com
Modulr is the Payments as a Service API platform for digital businesses. It integrates into any product or system. Modulr’s new type of payment accounts are built for businesses that need a faster, easier and more reliable way to move money. Businesses can automate payment flows, embed payments into their platforms and build entirely new payment products and services themselves. All managed in real-time, 24/7 from one API.
Modulr’s API makes it easy for businesses to streamline existing services, launch new products and scale more efficiently. Modulr Finance Limited (FRN: 900699) is registered with the Financial Conduct Authority as an EMD Agent of Modulr FS Limited (FRN 900573). Modulr FS Limited is an Authorised Electronic Money Institution, regulated by the Financial Conduct Authority. www.modulrfinance.com
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