Revolut selects Equifax as data and analytics partner in UK
Equifax UK, the business and consumer insights expert and the UK’s leading challenger bank, Revolut, have announced a new strategic partnership which provides differentiated data assets and real-time predictive analytics for a faster, more informed view of customers and prospects.
With over 100 million monthly transactions and 15 million global users, the Revolut app enables individuals and businesses to exchange, send and receive money in multiple currencies. As part of a global expansion effort, the app is now powered by Equifax cloud-based data both in the UK and US markets.
Patricio Remon, President of Europe at Equifax, said: “The announcement today of a new partnership between Equifax UK and leading fintech, Revolut, is testament to the ambition and innovation of both companies. At the core of the collaboration is a vision to implement and utilise smart, cutting-edge data and analytics that brings positive outcomes for all involved. Powered by cloud-native capabilities and unique predictive insights from Equifax UK, Revolut will financially empower thousands of consumers.”
Luke Churchyard, head of credit at Revolut, said: “Our mission is to build the world’s first global financial ‘super app’, and this means continuing our growth in major markets such as the UK. Equifax has a strong understanding of the domestic fintech space and developing cloud-native technology. This allows us to build deeper predictive insights and customised solutions into the app, giving a more detailed view of the needs of consumers and is an exciting step in our partnership.”
Through harnessing the unique Equifax bureau data sets, Revolut is able to obtain the decision intelligence and real-time predictive analytics it needs within milliseconds. This provides a faster, more informed view of existing and potential customers, and ultimately helps more consumers and small businesses access additional financial opportunities and manage their money with greater freedom.
Revolut customers can open a multi-currency account in minutes and are able to access an array of services immediately after account setup. The app allows individuals to exchange, send and receive 28+ currencies in seconds; manage money with spending analytics; withdraw from over 55,000 surcharge-free cash machines nationwide; access their salary up to two days in advance; and more.