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Home Challanger banks Revolut plans to take on Klarna in the BNPL market

Revolut plans to take on Klarna in the BNPL market

Revolut is not about to stop setting up new goals to shine on the FinTech market.

The digital bank has now revealed to The Standard that it is set to compete with the likes of PayPal and Klarna in the very saturated ‘buy now, pay later’ market.

Read also: Comparison of the biggest Banking players in US vs Europe – UX and feature-wise

The CEO Nik Storonsky revealed that his company is currently working on a checkout feature with the ability to let Revolut’s 16 million customer base automatically spread the cost of any purchase made using its cards.

“Simply a button which you switch on and then your card becomes a buy now pay later product,” Storonsky told the Standard.

“Instead of paying upfront everything, you pay a third and then in two weeks time we charge you a third and then another third.”

BNPL options are very popular among customers. The Swedish fintech Klarna’s valuation grew to $46 billion after it secured another investment worth $639million this year.

Sebastian Siemiatkowski, Klarna Founder and CEO said: “Consumers continue to reject interest-and fee-laden revolving credit and are moving toward debit while simultaneously seeking retail experiences that better meet their needs. Klarna’s more transparent and convenient alternatives align with evolving global consumer preferences and drive worldwide growth.”

It would seem that Nik Storonsky is on board with Klarna’s CEO’s opinion on the BNPL market.

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

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