Update: Payments provider Modulr and Revolut sign new partnership.
- EEA customers with local UK account details can now set up GBP Direct Debits to pay for things like their memberships, subscriptions, regular bills and payments
- GBP Direct Debit customers will be protected against certain fraud and payment errors by the UK Direct Debit Guarantee
- New functionality will utilise Modulr’s Direct Debits Mandate service
London, UK, 28th November, 2019
Revolut has today launched GBP Direct Debits for all EEA customers with local UK account details, the latest feature added to its global financial retail and business platforms, as it continues to scale and build towards becoming a global bank. The new functionality will utilise Modulr’s Direct Debits Mandate service, adding another essential feature that Revolut customers can use in their everyday lives.
This new 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 that be retail customers paying for their gym memberships, phone contracts, utility bills or subscriptions, or business customers paying supplier bills or regular invoices.
Revolut’s retail and business customers are also protected by the GBP Direct Debit Guarantee, in the event that there is fraudulent activity or an error affecting their Direct Debit payment. Direct Debits are a simple, safe and convenient way for Revolut retail and business customers to make regular or recurring payments.
In the past year alone, Revolut has successfully launched and developed multiple new everyday services for its growing customer base, taking it significantly beyond its origins as a travel and FX product. Revolut customers have created over 2 million Vaults for individual or group saving; our charitable giving feature Donations has raised over £500,000 for WWF, Save The Children, ILGA Europe, The Rainforest Alliance and Movember since launching in July; and the roll out of Trading is disrupting the traditional stock brokerage market by giving all Revolut customers commission-free access to the stock market (the number of commission free trades is limited for Standard and Premium customers, unlimited for Metal customers). For Revolut for Business account holders, new features for 2019 have included: end-to-end expense management in app, multi-account login, and an integration with Quickbooks.
Revolut has used Modulr’s API platform since 2017. Through Modulr, getting paid, reconciling and making payments is fully automated and can be managed in real-time, 24/7, all via Revolut’s existing platform. Through its API, Modulr makes it easy for businesses to streamline existing services, launch new products and scale more efficiently.
Modulr FS Limited (FRN 900573) is an Authorised Electronic Money Institution, regulated by the Financial Conduct Authority.
Nik Storonsky, CEO and Founder at Revolut: “Around-the-clock access to a real-time payments infrastructure is key to building any successful financial service. We are providing Revolut customers with an alternative digital payments infrastructure unshackled by a reliance on traditional and slow legacy banking. GBP Direct Debits are the latest integration, as we build towards becoming the bank of the future. With Modulr, we not only have a partner we know and trust, but one who we can work with to launch new payment products with ease.”
Vaidas Adomauskas, Head of Business Product at Revolut: “Direct Debits are one of the most requested features from Revolut for Business customers. It’s always our goal to help businesses save time and money, and this feature will make a huge difference on that front. We’re proud to be offering this feature that will transform the way businesses transact on a regular basis, whether they are paying bills or paying into employee pensions.”
Myles Stephenson, CEO and Founder at Modulr: “Revolut is a leading global challenger in financial services, and it continues to grow in its prominence as an alternative to legacy banking options. Utilising our APIs, businesses such as Revolut are able to offer customers a payments solution fit for the ‘Instant Economy’ world we live in - where payments need to be instant, reliable and easy, as customers will no longer accept anything less. With our technology, Revolut adds another string to its bow, improving the offering for existing customers and growing its appeal and attraction to new customers too.”
Revolut was launched in July 2015 by former Credit Suisse and Deutsche Bank investment bankers, Nik Storonsky and Vlad Yatsenko, as a digital alternative to the big banks. While the fintech initially drew in customers by allowing them to cheaply and easily spend and transfer money abroad, the company has since attracted over 9 million customers in Europe with its spending overviews, budgeting controls, savings features and cryptocurrency exchange.
Revolut for Business is the business service offering from the app-based banking alternative Revolut, with over 250,000 business customers worldwide. The service was launched in July 2017 across the UK and Europe and allows companies to sign up for multi-currency accounts in minutes, transfer money cheaply and easily, and issue employees with corporate cards for global fee-free spending.
To date, Revolut has raised approximately $340 million in funding, from notable venture capital firms including Index Ventures, Ribbit Capital, Balderton Capital and DST Global.
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. Once integrated, businesses can instantly set up as many accounts as they need. Getting paid, reconciling and making payments is fully automated and can be managed in real-time, 24/7 through their existing software applications.
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.