The world can’t get enough of buy now pay later (BNPL) offerings. At least, that’s what British Fintech firm Revolut is betting on by announcing the development of BNPL products to be launched throughout Europe sometime next year.
The most valuable private tech company in British history and backed by an impressive valuation of $33 billion, Revolut has some work to do in order to catch up with rivals Square ($113 billion) and Klarna ($45 billion), each of which have made impressive inroads into the increasingly popular BNPL model. Revolut’s chips all seem to be on an upcoming feature designed to help customers choose a BNPL payment option more quickly and easily, with CEO Nikolay Storonsky describing the procedure as being as easy as pressing a button “and then your card becomes a buy now pay later product.”
Though the rise of BNPL has been meteoric, with financial giants such as Barclays and PayPal launching their own BNPL offerings in recent months, some entities including the FCA caution that the payment technology can lead to out-of-control debt among consumers. Revolut is staking a great deal on that assessment being an overcautious one.