London-headquartered fintech disruptor Revolut is launching a payment terminal targeting larger businesses and retailers in the UK and Ireland.
Following on from its initial terminal launch focused on small businesses, sole traders and freelancers, the new ‘Revolut Terminal’ will support Revolut Pay, enabling over 45 million users to pay through the Revolut app, according to interviews with financial media.
The move pits Revolut in direct competition with established point-of-sale fintechs including SumUp and Square.
“This is one of the major new bets that we have as a company,” Revolut’s general manager Alex Codina told CityAM. Cordina told Financial News the terminal will be “suitable for retailers, restaurants, and coffee shops”.
Revolut is in an aggressive expansion phase.
In July, the group received a UK banking licence from the Prudential Regulation Authority (PRA) after a nine-year wait.
Revolut was valued higher than Barclays PLC (LSE:BARC) following a staff share sale in August.
However, this rapid expansion has come with a surge in scammers targeting the platform’s users.
According to a BBC report released today, the Action Fraud police department received nearly 10,000 complaints linked to Revolut- 2,000 more than Barclays and double that of Revolut’s fintech competitor Monzo.