Revolut will have to compete with Klarna and a growing range of other players as it rolls out its BNPL provider in Europe.

Revolut has jumped on the obtain now, spend later (BNPL) bandwagon and is now rolling out a service in Europe, setting up with Eire.

The United kingdom neobank is launching its BNPL product, termed Pay out Later on, in Ireland from today (24 June). It will be competing with founded gamers in the place these types of as Swedish fintech Klarna, which introduced its products and services in Ireland previous November.

Pay out Later on will allow for Revolut users to distribute the cost of on the web and in-shop buys up to €499 throughout three instalments. A charge of 1.65personal computer for each buy will then be billed and repaid as component of the closing two instalments.

The business, which has 1.9m customers in Ireland, programs to provide the product in additional markets later this 12 months.

“Revolut Pay Later provides our consumers far more manage and adaptability more than their private finances, in a responsible way, by enabling them to distribute the charge of buys in excess of three instalments,” reported Revolut Europe chief govt Joe Heneghan.

“This encourages folks to pay back in just two months, rather than calling on overdrafts and credit rating playing cards which really do not carry the similar emphasis on quickly having to pay back again the quantity borrowed.”

BNPL has found increasing curiosity from begin-ups and set up monetary corporations alike, these types of as United kingdom fintech Zilch, US-based mostly Sq. (which acquired Afterpay), Italy’s Scalapay, Mastercard, PayPal (which acquired Japan’s Paidy) and even Apple.

But it stays to be found if the BNPL area can keep on to its current momentum or if it will experience new polices. It is also starting to be an ever more crowded market, and listed here are just some of the players Revolut might have to compete with.


This Swedish fintech has been generating ripples in the tech environment on its way to becoming Europe’s most useful privately held fintech company. Last yr, the BNPL start off-up strike a valuation of $45.6bn following securing a different key injection of cash.

Primarily based in Stockholm, Klarna surfed on a wave of fascination amid young on the web buyers looking to distribute payments out in instalments. Whilst unquestionably the greatest participant in Europe, it competes with US rivals these types of as Affirm, which floated on Nasdaq very last yr.

When it released in Ireland last November, Klarna co-founder and CEO Sebastian Siemiatkowski said the Irish marketplace was “really exciting” because of the acceptance of debit playing cards in the country. “As the older-style fiscal institutions exit the industry, we’re right here to develop additional competitiveness, which is in the best curiosity of the client,” he said.

Last thirty day period, having said that, Klarna announced plans to lay off 10laptop of its workforce “across all domains” of the firm due to headwinds arising from elevated inflation, a unstable stock industry and the war in Ukraine.


Previously this month, Apple uncovered at its developer meeting that it is also diving into the BNPL house with its have providing.

Apple Spend Later on will permit prospects break up a purchase, online or normally, into four equal payments around six months, with no interest or service fees to pay out. The assistance is developed into the Apple Wallet app and can be applied when earning payments by means of Apple Shell out.

While not available in Eire nevertheless, Apple Pay out Afterwards will be accessible to “qualifying applicants” in the US when iOS 16 launches this year.

What’s unique about Apple’s perform for the BNPL house is that all financing for financial loans will occur internally complete a wholly owned subsidiary – which might not be difficult for the 1st organization to cross $3trn in value.

Mastercard, Playter and Monzo

Mastercard also built a play for the crowded BNPL house final September, when it introduced its Instalments services for shoppers in the US, Uk and Australia. The transfer permits financial institutions, loan companies, fintechs and wallets to present flexible instalment alternatives to individuals.

“At the heart of it, payments arrive down to preference – and individuals want more from their income with greater flexibility and command in how they shell out and where they store,” Mastercard products main Craig Vosburg claimed at the time.

Meanwhile, a London-based mostly fintech termed Playter that can help smaller and medium-sized small business scale with BNPL just introduced the closing of a $55m round earlier this week. Led by investors who backed Klarna, this expenditure follows a $1.7m funding spherical in March.

And lastly, a further United kingdom fintech fuelling opposition in Europe’s BNPL house is Revolut rival Monzo, which launched its individual company very last September. Monzo Flex allows people to spread the expense of their buys in excess of three months curiosity-no cost. It also presents a 6-thirty day period and 12-month option at a 19computer interest charge.

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