Revolut has picked Ireland as the first market to launch its buy now, pay later product, going head-to-head with the likes of Klarna and other fintechs in the rapidly growing area of lending.
The digital bank planned to roll out its “Pay later” offering across Europe, adding Poland and Romania later this year, Revolut said in a statement on Friday seen by Bloomberg News. In its first market of Ireland, 1.9 million adults have a Revolut account. Analysts believe the buy now, pay later market in Europe is set to grow to £680 billion over the next five years.
Revolut, which is seeking to become a super app offering a range of financial products, will allow customers to spread payments over three instalments, with qualifying customers given a credit limit of 499 euros . Revolut will assess customers’ creditworthiness before transactions using open banking data they have granted access to, rather than at the point of sale, to ensure users are not getting into unmanageable debt. There will be a 1.65 per cent fee per purchase.
Attention to BNPL lending is heating up as more consumers turn to the unregulated form of credit. The British government announced on Monday that it would tighten regulation of the sector amid growing concern some users don’t fully understand the product.
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