Revolut fights for Klarna’s crown in battle for ‘buy now, pay later’ market


33bn fintech Revolut is planning to compete with everyone from PayPal to Klarna in the hot but controversial ‘buy now, pay later’ market, the Standard can reveal.

Britain’s most valuable private tech business is working on products that will let customers spread the cost of purchases made both online and in person, its chief executive told the Standard.

Nikolay Storonsky said his company was working on a checkout feature and the ability to let its 16m customers to automatically spread the cost of any purchase made using its cards.

“Simply a button which you switch on and then your card becomes a buy now pay later product,” Storonsky told the Standard. “Instead of paying upfront everything, you pay a third and then in two weeks time we charge you a third and then another third.”