FinTech unicorn Revolut has integrated a new feature called ‘Paymo,’ an online project management with integrated time-tracking software, which caters to freelancers and businesses charging by the hour.
Paymo’s Revolut integration makes it easy to accept online payments, manage tasks, create team schedules, track work time, and bill clients from the same platform. The app claims it has managed +2 million projects, tracked more than 110 million hours, and billed over $2 billion. Revolut’s competitors such as Stripe also integrates Paymo for the use of their business clients.
The newly-added feature comes a few weeks after Revolut launched its app and service in the US market in partnership with Metropolitan Commercial Bank. Before March 2020, Revolut’s services, which attracted over 10 million customers, have been available in the UK and Europe, with US applicants previously being held on a waiting list.
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Revolut was founded in 2015 and claims to be signing up 250 businesses and 9000 customers every day, and projects to reach a 100 million milestone in the next four years. The startup received its European banking license in 2018 as it makes preparations for a shift in Europe’s financial services landscape after Brexit.
Revolut already holds an e-money license by the UK’s FCA, which was a precursor to getting the banking relationship with British banks. The aggregator service also allows Revolut to use Britain’s Faster Payments Scheme, a network used by the traditional financial industry. In addition, it has secured a remittance license from Singapore’s regulators and full authorization from Japan’s FSA, hoping to grab a slice of the region’s mobile payments business.
Revolut firm claims to have nearly two million daily active users who are using its foreign exchange and stock and crypto brokerage as well as peer-to-peer payments.