Zopa, the UK savings and lending digital bank backed by SoftBank, has acquired payments platform Rvvup as it looks to expand its retail finance offering. Rvvup was founded in 2021 by former PayPal-owned Braintree executive David Nunn with alumni from Ripple, Square and Airbnb.
Rvvup is a payments infrastructure startup, which is designed to make payments easier for businesses. According to the Rvvup website, the startup helps unite payment tech across debit and credit cards, digital wallets, BNPL, open banking and digital currencies.
Zopa said: “New and existing merchants benefit from a single, simple integration, deeper data insight, better payment conversion and lower overall processing costs within the next six months." Zopa also touted Rvvup’s AI Payment Agent, which it says “ automates the entire payment process, choosing the optimal payment method to reduce costs and boost sales”.
Rvvup works with businesses including Tile Giant, MP Moran, French Bedroom, Mole Valley Farmers, and Fireaway Pizza. It has around 15 staff. Retail financing, which allows shoppers to spread the cost of payments via instalments or credit facilities, has become popular with startups, as big banks shy away from such form of lending.
The acquisition marks Zopa's second following that of DivideBuy in 2023. Tim Waterman, chief commercial officer, Zopa Bank, said:"Acquiring Rvvup is a key milestone in both Zopa’s growth trajectory and our purpose of building the home of money".
David Nunn, founder and CEO at Rvvup, added: “At Rvvup, we set out to remove the complexity of payments, unifying every method and channel into a single platform. By integrating Rvvup’s technology into Zopa, we will have a unique proposition in the market as the only platform to combine lending, banking, and multi-rail payments with AI embedded into the platform.”
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