Fintech startup Revolut enters “buy now, pay later” (BNPL) market. The startup has picked Ireland as the first market, Russian Forbes writes, citing Bloomberg.

Revolut will allow customers to spread payments over three installments with qualifying customers given a credit limit of 499 euros.

Revolut will assess customers’ creditworthiness before transactions using open banking data they have granted access to, rather than at the point of sale. There will be a 1.65% fee per purchase.

Revolut will compete with other installment services such as Sweden's Klarna and Australia's Afterpay. The Revolut product will be better than that of Klarna, Revolut co-founder Nikolay Storonsky confidently said in September 2021.

Installment is a rapidly growing market. Bloomberg says analysts believe the BNPL market in Europe is set to grow to $831 billion over the next five years.



Nikolay Storonsky founded Revolut in 2015 with Ukrainian programmer Vlad Yatsenko. In 2022 Forbes ranked him 16th in the list of Russian billionaires. At the moment of compiling the list he was worth $7.1 billion.

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