Nikolay Storonsky’s fintech startup Revolut is launching Revolut Pay – new online payment service, Russian Forbes reports, citing Bloomberg.

The company representative told the news agency thst the new service has already signed up retailers including Shopify and Prestashop, and will be available within the airline industry in the coming months.

In this way the company is planning to expand its payment feature to rival PayPal and other tech giants at online chechouts.

Thibaut Genevrier, head of merchant acquiring, said in an interview with the agency that Revolut Pay was a sign the firm has reached “critical mass,” having branched out from its original prepaid card into a range of financial services for both consumers and businesses. “We want to be on the top 1,000 e-commerce websites in Europe,” he stressed.



At the same time, last week it became known that Revolut is in the middle of a major cost-cutting review and has revoked job offers to graduates with just days of warning as the payments group tries to shield itself from the economic downturn threatening fintechs.

In addition, there was information that Storonsky’s company is under pressure from its auditors to improve internal controls after UK regulators highlighted significant flaws in the auditing of its accounts, including an “unacceptably high” risk of “material misstatement”. The rapidly growing payments group, which has suffered a string of high-profile defections in its risk and compliance teams in recent months, is the unnamed “financial services provider” whose audit by BDO was criticized by the Financial Reporting Council in its latest audit quality inspections, people familiar with the matter told the Financial Times.

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