Digital challenger Revolut has extended its partnership with business payments platform Modulr in an attempt to fuel innovation in financial services.
Through the extension, Modulr will continue to provide its 24/7 payments infrastructure which powers Revolut’s range of financial products. The two fintechs first partnered in 2017 when Revolut tapped Modulr’s API platform to enable quick account creation and fast transaction processing.
Nik Storonsky, Revolut CEO and founder, 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.”
According to Revolut, Modulr’s support has helped the challenger offer over 12 million customers a robust suite of financial services. These services include, UK GBP current accounts with sort codes and account numbers, along with access to UK payment schemes including Faster Payments, Bacs and CHAPS.
In addition, in 2019, Revolut utilised Modulr’s Direct Debits Mandate Service, allowing Revolut’s EEA customers with local account details to make all their regular GBP Direct Debit payments straight from their Revolut accounts.
More recently, Revolut has added virtual and physical cards to its offering as well as cryptocurrency services.
Myles Stephenson, Modulr CEO and Founder, 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.”
Both companies hope the extended partnership will fuel further innovation. Furthermore, Revolut has planned to release several products later this year.