British financial technology startup, Revoult, has made a move that will see the company potentially expand its business significantly. The firm has announced a partnership with Bottomline Technologies, which will see it make use of its new partner’s payment processing system.
Through the partnership, Revoult will use an easy plug-in of the Bottomline Universal Aggregator solution. The aggregator will allow the firm to provide its clients in Britain with real-time payment services. Revoult says that it has over 7 million clients across Europe, and these retail and business customers will be provided with a top of the range payment processing system.
Bottomline has been in business for close to four years, and they are holders of an e-money license from the Financial Conduct Authority (FCA). This license is critical in the formation of relationships between the company and banks from the UK. The aggregator that will be used by Revoult provides a link for the startup to the Faster Payments Scheme, the network that is used by traditional financial institutions in Britain. Access to this network will allow the startup to provide its clients with better and more efficient payment options.
In a joint statement released by Revoult, representatives said that Revoult will be able to access all the benefits that come with Bottomline’s payments and settlements system. The onboarding of Bottomline will allow Revolut to deliver their new service in no time, and allow them to place their focus and resources on the advancement of their business.
The potential to grow business further
Revoult is making business decisions with the sole focus of growing their client base and reaching into extensive territories. The provision of a more efficient payment processing system will enhance customer experience and may influence the addition of more users to their platform. Bottomline’s aggregator makes the building of a more efficient system easier for Revoult.
The startup has created a platform through which its clients can engage in the trade of stock, forex, and cryptocurrencies. This brokerage gives the firm’s clients some of the most in demand financial options. Revoult says that they have about 1.1 million active users on this brokerage platform.
According to Nik Storonsky, Revoult’s CEO, they are planning on running another round of investment that will help the company to scale its operations better. Their system currently supports billions of dollars worth of transactions per month, and increasing the amount that can be handled by the system will help it to become open to more users.
Revoult recently acquired a European banking license which places the firm in a good position as Brexit inches closer. Through this license, they will be able to provide their services to other European clients and grow the scope of their business. Revoult is projecting that in the next five years, their platform will have over 100 million users.