Revolut eyes a BNPL acquisition
Good morning FinTech Fanatic,
For a change, let’s start the week with some Revolut news;-)
As if we haven’t heard enough about the neobank lately, CEO Nik Storonsky fueled rumours that Revolut is eyeing an acquisition in the Buy Now, Pay Later-space.
The chairman told Axios on the sidelines of the Web Summit Rio conference last week, Revolut's having a team looking at acquisition, with the BNPL-space as a specific focus area.
"That's because buy-now-pay-later companies are in trouble with high interest rates, and valuations have dropped significantly."
Buy Now, Pay Later isn’t a new ‘product’ for Revolut, as they joined the BNPL wave with a pilot in Ireland back in June 2022.
Now they confirm ‘currently discussing’ with several companies. “Again, the question is price," he says, adding: "But we can afford to wait a while. And buy-now-pay-later companies are losing a lot of money in this environment."
Speaking about the Web Summit Rio; at that same event Revolut announced its much-anticipated entry into Latin America.
In the aftermath I came across an interesting read by Simon Rodrigues, who states Revolut will face a daunting challenge in Brazil (and he explains why;-)) I highly recommend to follow Simon to get more insights on the LatAm FinTech scene.
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Last but not least, I would like to point out an interesting article by Amy O’Brien of Sifted in which Eric Demuth, the CEO of Austrian crypto unicorn Bitpanda, made a fierce statement on the valuation of FinTechs.
Demuth says that European FinTechs are clinging on to price tags of many times what they’re actually worth — including his own.
“If any [FinTech] company that raised in 2021 were to raise next week, the market standard right now is a 50% to 70% devaluation.”
I wish you the best week ahead and onwards to the other FinTech news!
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Cheers,
Marcel van Oost
💰 Payment Solutions Expert | Simplifying Transactions for Businesses | Strategic Partnerships
1yThanks for sharing this daily FinTech news update! It's great to have a concise overview of the latest happenings in the industry. The snippet about a BNPL acquisition is intriguing, as well as the appointments and funding rounds mentioned. The inclusion of key players like Marqeta, Binance.US, and Revolut adds to the relevance of the news. I appreciate the diversity of topics covered, from financial planning and analysis platforms to exploring ways to cut founder stakes. Looking forward to staying informed with your daily updates!