Fintech company Revolut has acquired ePOS software provider Nobly POS for an undisclosed sum as it looks for action in the restaurant and hospitality sectors.
Founded in 2013, Nobly enables businesses to manage their operations with its back office app, order and inventory management systems, kitchen displays, loyalty and online ordering (click & collect) app. Nobly’s product is available in the UK, US, Canada and 20+ other countries.
Its ePOS features various integrations, including payments (e.g., Visa, Mastercard, Amex), accounting software (Quickbooks and Xero), and others (e.g., ERP, CRM and MailChimp).
Nik Storonsky, CEO of Revolut, says the deal will “further advance our mission to offer a one stop shop solution to enable merchants of every kind to manage their finances and run their businesses from a single platform”.
There are no details about any job cuts as part of the acquisition. Nobly has 27 employees listed on LinkedIn.
Nobly’s product is currently being integrated with Revolut’s payment hardware and Revolut’s online and offline payment processing capabilities.
According to Revolut, the acquisition will enable Revolut Business hospitality customers to open a digital account, use FX, issue cards and manage and sell their products and accept payments online and offline from a “single Revolut Business environment”.
In the future, Revolut intends to launch its integrated solution “across its international footprint and expand its product capabilities to serve its wider retail customers”.
Revolut was founded in 2015 and its rise is well known and well documented.
The fintech firm has more than 16 million customers around the world. In July, Revolut raised $800 million (£600 million) in Series E funding, valuing the business at $33 billion (£24.8 billion).
In Revolut’s financial results, revealed in June, adjusted revenues increased by 57% from £166 million in 2019, to £261 million in 2020. Gross profit went up by 215% to £123 million for the year.
