Revolut acquires point-of-sale system to expand services into hospitality

6 days ago 71

Revolut is expanding its fintech offering for businesses in the hospitality sector, snapping up a company that provides point-of-sale software.

London-headquartered Nobly has developed an electronic point-of-sale (ePOS) system for restaurants and other hospitality businesses, enabling them to manage operations, payments, inventory, table service, loyalty programmes and online ordering in one app.

It can integrate with payment providers such as SumUp and Paymentsense and accounting software such as QuickBooks and Xero.

This product will now be integrated with Revolut’s payment hardware and payment processing capabilities.

The deal will enable Revolut Business customers in the hospitality sector to manage their business and accept payments in one place. Terms of the acquisition were not disclosed.

“The Nobly team has built a great product and expertise which will further advance our mission to offer a one-stop shop solution to enable merchants of every kind to manage their finances and run their businesses from a single platform,” said Nik Storonsky, CEO of Revolut.

“Nobly’s ePOS product will enhance our existing Revolut Business offering to make life easy for hospitality businesses. We look forward to working with the team to build more features to support our strong growth.”

Nobly was founded in 2013 and now serves restaurants, bars, coffee shops and retailers across the UK, Ireland, US and Australia. It has offices in London, Texas, Melbourne and Montevideo.

George Urdea, co-founder and CEO of Nobly, said the company was founded to help small business owners and their teams.

“Joining Revolut opens the exciting possibility to take the merchant-consumer experience to the next level, by bridging the rich point-of-sale data with Revolut’s financial super app,” he added.

Revolut said it plans to launch the fully integrated system across its international footprint in future, expanding its offering for business customers.

The challenger bank, which has been expanding into other sectors, now has 16m customers around the world. Earlier this year, the company revealed that its number of business accounts increased to 500,000 in 2020 as it rolled out more features for businesses throughout the year.

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