- Revolut has announced a partnership with fintech technology infrastructure company Cross River.
- The partnership will allow Revolut to offer personal loans to its customers in the United States
- The announcement follows Cross River’s announcement that it raised $620 million in March.
Great international app Revolution partnered with fintech infrastructure provider Cross River to help it grow and expand its business in the United States The collaboration will facilitate the first personal loans for Revolut’s US customers and, using Cross River’s technology infrastructure, will be followed by additional credit solutions to be launched later this year.
“At Revolut, we’re building the world’s first global financial super app, so moving to credit and personal loans is a natural next step,” said Tarun Bhushan, head of loans at Revolut in the US. “Revolut has developed technology to provide loans instantly to approved customers, with no origination fees – so customers can get the credit they need, when they need it.”
As well as no origination fees, the partnership means Revolut borrowers will also be freed from late fees and prepayment penalties. Potential borrowers can also use the Revolut app to check their rates without affecting their credit score. Revolut’s ‘near-instant’ and same-day loan funding solution means users receive their funds in their Revolut wallet accounts within minutes of approval. Customers can also set up automatic loan repayments using the app’s autopay feature.
“At Cross River, we are always looking for new and innovative ways to provide access to credit,” said Adam Goller, Executive Vice President and Head of Fintech Banking Services at Cross River. “Our partnership with Revolut is key to facilitating responsible financial solutions for consumers, and we are excited to propel Revolut’s expansion into the United States.”
Revolut’s loans are currently only available to the company’s US customers. Revolut expects to be able to make personal loans available to all US consumers “in the coming months”.
News of Revolut’s partnership comes as the company grabs headlines for both staff moves and expansion into new markets. This spring, Revolut appointed a new Managing Director APAC, a new CEO for Brazil ahead of its expansion into the Latin American country, and a new Managing Director and Head of Growth to support Revolut’s entry. in the American market.
“It’s an exciting time to join Revolut as we establish and further grow our brand in the US,” said Revolut’s new managing director for the US, Yuval Rechter, in March. “The pandemic has accelerated the digitalization of banking, and Revolut is the best answer for American consumers looking for more value, transparency and flexibility in how they manage their money.”
Cross River made fintech headlines less than a month ago with the announcement of its Capital raised of $620 million directed by Eldridge and Andreessen Horowitz. The funds will be used to accelerate the company’s technology-driven growth strategy, which consists of integrated finance projects – including payments, lending and crypto – as well as investments in “people and communities”. ”, the international expansion plans and the “strengthening of strategic partnerships.
“Cross River is powering the future digital economy and changing lives by reimagining the way financial services are accessed,” Cross River Founder, President and CEO Gilles Gade said last month during the announcement. funding.