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Following companies like Klarna and Goldman Sachs, Revolut will be the latest company to play in both digital banking and the Buy Now, Pay Later (BNPL) space.
According to the Evening Standard, which cited an interview with Revolut's CEO, Nikolay Storonsky, the UK-based neobank will test a BNPL offering in parts of Europe, with plans to deploy it for its 17 million users.
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The BNPL space is getting more intense as providers experience massive growth and look to reshape financial services by becoming super apps. Revolut can continue to stand out by fostering engagement with its users and building up loyalty.
According to Insider Intelligence's April 2021 Leger survey, 48% of internet users in Australia reported using a BNPL service in the last 12 months, compared to 28% of US adults. As Australia tends to act as a testing ground for BNPL providers, this hints at what could be next in other markets.
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