Partnerships / Acquisitions

Revolut Integrates With Clear Books Accounting Software

London-based FinTech Revolut said it will “integrate” its products with Clear Books, which offers accounting software for small businesses.

The pair-up will enable customers to “view transaction records, track whether invoices are paid or outstanding, quickly record bills and expenses, and automatically create great financial reports,” the two companies said in a prepared statement.

Revolut, which was founded in 2015, started out by offering prepaid debit cards that allowed users to avoid foreign exchange fees while traveling abroad. The FinTech has since expanded its portfolio to also offer cryptocurrency trading and business banking.

As reported by PYMNTS, Revolut recently nabbed $500 million in new investment funds, and is looking to acquire competing technology firms that are reeling from the COVID-19 crisis.

The integration with Clear Books will allow Revolut’s 400,000 business accounts to more easily track expenses and match bills to invoices. The FinTech said Clear Books will become part of its Revolut Business Connect ecosystem, which also includes Xero, Slack, FreeAgent, Zapier and other products.

Revolut’s integrated product will help ensure that its customers’ business and tax reporting is accurate, the companies said.

Unlike many of its competitors, the startup hasn’t laid off or furloughed any of its 2,500 workers, noted Founder and CEO Nikolay Storonsky. Some employees were asked to exchange a percentage of their pay for shares in the company.

Storonsky also said that Revolut is looking to expand its prepaid debit card business, and is seeking deals in travel aggregation companies to enable customers to purchase flights at a discount.

“A lot of travel aggregators are in trouble at the moment – we could probably purchase one and sell flight tickets at cost and be 10 to 15 percent cheaper than everyone else,” he noted.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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