Revolut, a U.K. fintech firm with ambitions to become the first global financial “superapp,”, is leaning on Atlanta-based Equifax’s consumer data as it expands into the United States.
Revolut will source consumer credit-reporting data from Equifax’s new cloud-based sources, which the British company said would enable speedy approvals of those applying for an account or seeking credit through the platform — and more insight and analytics for the company.
Revolut emerged as a provider of a cross-border digital debit card but has broadened its services, with more than 15 million users now using its mobile account and associated Mastercard debit card to manage money, access foreign exchange and pay for goods and services locally and around the world.
Revolut was attracted not only by Equifax’s unrivaled trove of data but also by InnovationX, an accelerator the company launched last month to help fintech companies and banks test new ideas to drive competitiveness in a fast-changing landscape. Companies participating in what Equifax calls an “immersive experience” can connect to its real-time data as they ramp up new product offerings, also making use of its artificial intelligence and machine learning techniques and identity verification options.
“Equifax has a strong understanding of the global fintech space. They provided us with the flexibility we needed to replicate our unique business model internationally while giving us a deeper view of the needs of consumers and small businesses as we seek to provide a more diverse range of products for our customers in the U.S,” said Ronald Oliveira, CEO of Revolut U.S., in a news release.
The Lord Mayor of London brought Revolut along on a 2019 trade mission hosted by the British Consulate General in Atlanta, which was aimed at driving connections between Atlanta and the United Kingdom on the fintech and payments front.