Zopa Group has acquired embedded payments provider Rvvup in an effort to further unify the checkout payment experience for merchant clients. The financial terms of the transaction have not been disclosed.
The UK digital bank says the addition of Rvvup – its second acquisition to date – will enable the company to “offer merchants multi-channel checkout experiences across all payment methods using AI”.
Founded by former Braintree-PayPal GM David Nunn in 2020, the Rvvup platform enables e-commerce businesses to accept various payment methods, including Pay by Bank and traditional cards, through one interface.
The company, based in London, also provides an AI Payments Agent which works to select the best payment method at the point of sale and automate daily reconciliation tasks.
Zopa expects the integration to provide deeper data insights, improved conversion rates, and lower overall processing costs to new and existing merchant clients “within the next six months”.
Within two years, Zopa forecasts the acquisition tripling the size of its embedded finance business, adding that the deal will “cement its position as a top three retail finance provider within five years”.
Rvvup will now move to become a group subsidiary of Zopa, joining a portfolio which also includes DivideBuy, a point-of-sale finance technology and lending platform acquired by the group in 2023 as part of a push into buy now, pay later (BNPL) services.
More recent developments include the launch of Zopa’s current account offering Biscuit in June, which is said to have already accrued 100,000 customers, as well as the impending expansion of the group’s offices throughout London and Manchester, with the potential to create “up to 500 jobs over time”.
Source: https://www.fintechfutures.com/
