Tech

Revolut gets great POS as it expands into the hospitality industry

Financial services company Revolut has acquired point of sale (POS) system company Nobly POS.

No details have been released on the financial terms of the deal, but it is a step into the hotel POS arena for Revolut.

The company also has advantages in many other areas, with a wide range of financial services including cryptocurrency exchanges for trading Bitcoin, Ether, Litecoin, etc., as well as remittances in nearly 30 currencies and debit cards with withdrawals in more than 100 countries.

What to know

Although the financial terms are not made public, Revolut has plenty of funds to work with: The London-based startup was valued at $33 billion shortly after its July $800 million funding round. 2021, a number that makes it the most valuable startup in the UK.

“The Nobly team has built an amazing product and expertise that will further our mission of providing a one-stop solution that allows merchants of all types to manage their finances and run their business from a single platform”, Revolut CEO Nik Storonsky talk about deal, added: “Nobly’s ePOS product will enhance our existing Revolut Business service to make it easier for hospitality businesses. We look forward to working with the team to build more features to support our strong growth.”

Nobly POS co-founder and CEO George Urdea also highlighted the upcoming combination of data and software for the two services as a key benefit of the deal, saying:

“We built Nobly to enable small business owners and their teams to better serve customers. Joining Revolut opens up exciting possibilities to take the consumer-merchant experience to the next level, by connecting rich point-of-sale data with Revolut’s financial superapp. ”

It’s a huge step forward for the physical point of sale business for Revolut, and an indication that the company anticipates a lot of growth in that area. They are not alone.

POS conversion is up

Nobly POS handles all the typical tasks expected of a hotel POS: Staff, inventory and menu management, mobile ordering, delivery, CRM and integration with services accounting and third-party billing, among many others.

But Revolut and Nobly POS are not without competition and other leading POS systems will be hard to beat even with this new deal. Another large company, POS software and e-commerce company Lightspeed, is also buying existing POS services: It bought Vend in a $350 million deal last March and by the end of 2020, buying both Upserve restaurant POS and ShopKeep e-commerce POS.

Meanwhile, Amazon is said to be working its own POS service.

Competition

The retail and hospitality industries are likely going through a tough holiday season, so it makes sense that they want to stay as efficient as possible with the right service.

According to our research, the best POS products to consider for a restaurant are Square POS, Epos Now and TouchBistro POS. The ease of use, price, and features offered all match each option, and some even include free hardware as part of the package, adding value to their cost.

You can Learn more about all those options and more in our guide here, which details the expected prices and transaction fees for all of them. Or, you can check out the biggest comparisons with this quick table here.

https://tech.co/news/revolut-acquires-nobly-pos Revolut gets great POS as it expands into the hospitality industry

Caroline Bleakley

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