Revolut reportedly partners with European payment wallet Wero

As detailed by the same sources, Revolut is not currently planning on entering the European Payments Initiative (EPI), which created Wero, as a shareholder. However, the company is allegedly becoming a Scheme Member, meaning that it aims to provide Wero as a payment solution for its customers. At the time of writing, the agreement between the two organisations was relatively recent, circulating in the EPI landscape for a few days, as stated by one of Finanz-Szene’s contacts. Additionally, it is not yet certain when the partnership is set to be officially announced.

If the move gets confirmed, Revolut will place itself among the first fintech banks to join the pan-European project, as, until now, only traditional financial institutions have participated in EPI. Also, as part of the move, Revolut is reportedly pressuring other banks to roll out an ecommerce solution besides Wero’s peer-to-peer functionality. One of the contacts underlined that, as Revolut is known for launching new services to market efficiently, the move could lead to an acceleration in the entire project.

Revolut’s expansion strategy

In a recent interview for The Paypers, Rolandas Juteika, CEO of Revolut Securities Europe, underlined their company’s focus on becoming a global bank, planning to expand into markets around the world. Additionally, Revolut intends to become the go-to financial institution for retail and business customers, providing all the financial services they need in a single, unified place. The company is currently working on entering new markets where it had not had a presence before, including Brazil, Mexico, Australia, New Zealand, India, and Japan, among others.

Furthermore, Revolut also recently confirmed its plans to open a new Western European headquarters in Paris, falling in line with its objective to scale its presence across the European Economic Area (EEA). The announcement came alongside the company’s intention to apply for a French banking licence. At that time, Revolut mentioned that the initiative came as part of a strategy to grow its services and regulatory presence in the region. Paris was chosen based on France’s expanding importance as a financial hub, as well as due to the regulatory framework available to facilitate banking activities.