Revolut is moving into the physical point-of-sale business with the acquisition of London-based Nobly POS, a provider of technology for the hospitality industry
Nobly’s product is currently being integrated with Revolut’s payment hardware and online and offline payment processing capabilities. Once complete, Revolut Business hospitality customers will be able to open a digital account, use FX, issue cards and manage and sell their products and accept payments online and offline from one unified platform.
Revolut says it intends to launch the product across its international footprint and expand its capabilities to serve its wider retail customer base, a move which will take it into duirect competition with Square.
Nik Storonsky, CEO of Revolut said: “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.”
Financial terms of the transaction were not disclosed.