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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LIVE PYMNTS ROUNDTABLE: MODERNIZING & SCALING FOR THE NEW NORMAL

The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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