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Optimal Payments Partners with Revolut for the Launch of an Innovative Currency Exchange Solution
Jul 27, 2015
Optimal Payments delivers multi-currency, globally-accepted MasterCard® enabling Revolut’s customers to access their funds using either a virtual or physical card
LONDON (27 July, 2015), Optimal Payments (LSE AIM: OPAY), a leading global payments provider, has announced a partnership with Revolut for the launch of its innovative currency exchange solution set to bring change to the foreign exchange market this summer. The solution is an innovative multi-currency MasterCard and mobile app that allows people to both spend and send money abroad at the best exchange rate available, completely free for the first twelve months of a customer using the service. The Revolut solution helps consumers avoid the hidden costs often associated with currency exchange.
Available on both iOS and Android, the Revolut app allows users to set up an account in a matter of seconds to transfer money globally via SMS, email, WhatsApp and social media channels. In order to deliver the best rate available, Revolut takes the wholesale interbank exchange rate, which is updated every half a second.
Optimal Payments’ partnership with Revolut enables customers to hold funds in GBP, Euro and USD, and to spend online and in-store with a globally accepted multi-currency MasterCard linked to their Revolut account. A virtual Revolut card can be used for online purchases as soon as the account is set up, and a physical card is delivered at no cost to the customer within two working days in the UK. The card can be used globally with no fees for the first twelve months wherever MasterCard is accepted: online, in-store and to withdraw cash at an ATM.
Optimal Payments is authorised by the UK Financial Conduct Authority (FCA) to issue electronic money and is a Principal Member of MasterCard International Inc. In addition, Optimal Payments’ Acquiring Services enable Revolut’s customers to load funds to their accounts.
Andrea Dunlop, Vice President Card Services and Acquiring at Optimal Payments said: “Through this partnership, Revolut is able to utilise Optimal Payments’ expertise in delivering secure and leading-edge payment solutions to customers and merchants around the world. Revolut could revolutionise the money exchange market and we look forward to supporting their progress by providing them with both a prepaid solution and our acquiring services. The Optimal Payments Card Services division can support a variety of different Prepaid Programmes – from white-label cards to bespoke multi-channel solutions.”
Nikolay Storonsky, Revolut Founder, added: “We chose to work with Optimal Payments due to their flexibility and embracing attitude towards start-ups. They have been agile in integrating our services which has been essential in the early growth of Revolut, and have been supportive of our ambition to change the way money is transacted, sent and spent around the world.”
Revolut has been shortlisted for an award at the 2015 Payments Awards http://www.paymentsawards.com/awards/shortlist.php.
About Optimal Payments Plc
Optimal Payments is a global provider of online payment solutions, trusted by businesses and consumers in over 200 countries and territories to move and manage billions of dollars each year. Merchants use NETBANX® and Optimal Payments’ acquiring platform and services to simplify how they accept credit and debit card, alternative and local payments. Consumers use the multi-lingual and multi-currency NETELLER and Net+® Card stored-value offering to make secure and convenient payments. Optimal Payments Card Services, another division of Optimal Payments, provides innovative prepaid products and services to merchants. Optimal Payments Plc is quoted on the London Stock Exchange’s AIM, with a ticker symbol of OPAY. Optimal Payments Ltd is authorised by the UK Financial Conduct Authority to issue electronic money and payment tools and is under a licence from MasterCard® International Inc.
Revolut was established in 2015 to disrupt the foreign exchange industry by offering the very best rates for people spending and sending money abroad. It launched its app and prepaid card in July 2015.
The company is headquartered in Canary Wharf and is a member of the fintech hub, Level39.
To date, Revolut has raised investment from SeedCamp, Europe's leading pre-seed and seed stage acceleration fund, and secured further funding in a round led by Balderton Capital, Europe’s leading tech venture capital firm.
For more information on Revolut visit www.revolut.com
Director of Public Relations
Optimal Payments Press Office:
Media Contacts – United Kingdom:
Simon Fluendy/Simon Hudson
+44 20 7920 3150