Zopa Acquires Paymentsโฃ Platform Rvvup to Expand Embedded finance Offerings
LONDON -โ September 2, 2024 -โ Zopa, the UK digital bank, has acquired Rvvup, a payments platform focused on simplifying paymentโข processing for merchants. the acquisition, announced today, aims to bolster Zopa’s embedded financeโ capabilities and capitalize on โคgrowing demand from small- to medium-sized โbusinesses โ(SMBs) for integratedโฃ financial services.
Rvvup offers a single integration pointโ for newโ andโ existing merchants,โค promising deeper data โinsights, improved payment โขconversion rates, and lowerโ processing costs within the next six months. For U.K. consumers, the platform provides โa seamless payment journey with a wide range of payment method choices. Rvvup โฃalso automates payment processes, syncing with accounting tools like Xero and handling daily reconciliation.The moveโค comes as โคembedded finance gains prominence, particularlyโ among SMBs.Recent research by PYMNTS Intelligence, in collaboration withโ Worldpay, reveals that โฃ65% of these businesses โคwould consider switching vendors for thoseโ offering โembedded finance โขsolutions – not due to cost or service issues, but as of a lack โof integrated financialโ services like payments, lending, and banking. PYMNTS reported โฃin July that satisfaction with integrated finance capabilities is now the top predictor of vendor retention.
The importance of integrated payments extendsโ beyond operational efficiency. smbs with access to โwell-integrated systems can potentiallyโฃ see revenue growth between 25% โฃand 50%, depending on โฃthe sector, according to PYMNTS. Lack of payment choice canโข also โฃlead to higher cart abandonment rates.
This is Zopa’sโค secondโฃ acquisition inโ the embedded finance space, following the โpurchase of point-of-sale โขfinance technology and lending platform dividebuy in 2023. Zopa recently raised ยฃ80 million ($107 million) in new capital to support the rollout of its upcoming bank account.
