Fintech Revolut is looking to move into the ‘buy now pay later’ market.
According to the Evening Standard, the company – which offers banking services – is planning to compete with the likes of PayPal and Klarna.
Revolut’s chief executive Nikolay Storonsky told The Standard that Revolut is working on products that will let customers spread the cost of purchases made both online and in person. Storonsky said the group was working on a checkout feature and the ability to let its 16m customers automatically spread the cost of any purchase made using its cards.
“Simply a button which you switch on and then your card becomes a buy now pay later product,” he said. “Instead of paying upfront everything, you pay a third and then in two weeks’ time we charge you a third and then another third.”
