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Revolut to launch an affordable business acquisition solution; company says Ireland is one of its key centres

Revolut announced on Friday that it will introduce an affordable acquisition solution for businesses that will allow them to add plug-in checkout software or create their own custom features to make card payments online.

With the new acquisition solution, business customers can take advantage of lower fees and competitive rates. The fee will be 1.3% for UK and EEA cards and 2.8% for other regions. Additionally, customers on paid plans will receive a free card payment acceptance allowance every month at no extra cost.

The British financial technology company hopes that the new project will help them advance against rivals such as Stripe, an online payment company founded by the Irish brothers Patrick and John Collison, as well as Dutch competitor, Ayden.

Nikolay Storonsky, the co-founder and chief executive of Revolut stated that the new acquiring solution is a game changer for businesses as it offers better value to business customers than Ayden or Stripe.

Founded in July 2015 by Mr. Storonsky and Mr. Vlad Yatsenko, Revolut now has 1.2 million customers in the Republic of Ireland and is optimistic that, given the pace at which it is rising locally, it will reach two million.

“One in three Irish adults now has a Revolut account and on Black Friday alone we had more than 400,000 people in Ireland shopping via Revolut,” said Mr. Storonsky. Mr. Storonsky added that the company’s business accounts are growing rapidly and they have a great opportunity in Ireland.

He also said that the Republic is one of the key hubs of Revolut, as it is now being used as a base to support Fintech’s banking operations for the whole of Western Europe.

Earlier this year the company revealed that it was applying for an e-money licence from the Central Bank as it confirmed plans to move responsibility for its European payments from London to Dublin due to Brexit.

Revolut has processed more than one billion transactions worth over $100 billion since it was founded. The London-based company posted a pre-tax loss of £107 million last year as revenues jumped 180% to £163 million. Overall the company has 12 million customers worldwide.

Co-founder Storonsky said revenues declined by 40% during the early days of the pandemic but that the company was now up to 50% ahead of its revenue forecasts now due largely to cost cutting. Mr. Storonsky also said that the company is now actively considering a number of new markets, including India and the Philippines.

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