Ride-hailing app to use Revolut’s Open API for instant payouts

By Ryan Weeks on Tuesday 12 June 2018

Editor's PickDigital Banking

French firm SnapCar will make use of Revolut’s payments infrastructure.

Ride-hailing app to use Revolut’s Open API for instant payouts
Image source: https://goo.gl/2eDSzw

Digital banking disruptor Revolut has teamed up with French ride-hailing app SnapCar to power instant payouts to drivers.

SnapCar is a leading B2B taxi app in France, founded in 2012. It targets ‘demanding riders, business travellers and corporates’. The firm is a partner and paying business customer of Revolut.

Revolut turned on its Open API in April of this year, making it available to all users. The tool allows customers to ‘configure and automate’ banking operations to suit their business model.

For SnapCar, that means allowing drivers to get paid on-demand directly into their Revolut accounts with a single click in-app, without incurring fees or commission on any international transfers or spending.

Typically, firms like SnapCar collect fees on behalf of their drivers, with payouts happening on a weekly or fortnightly basis via traditional payment systems, which Revolut says can incur further delays, especially over the weekend.

Revolut claims to be able to ‘significantly reduce’ the cost of SnapCar making payouts to drivers.

“SnapCar is positioning itself as a platform aware of its social responsibility. Our first concern is to improve the drivers’ operating conditions, which we re-affirm that they must live decently and even of their work. It's amazing what teams can produce when they think outside the established schemas,” said Yves Weisselberger, founder and CEO of SnapCar, in a statement.

Revolut launched its business accounts in the Summer of 2017, charging users monthly fees which vary depending on their size. Since May, the service has featured a marketplace of third-party products (called Revolut Connect) which customers can use to integrate their accounts with tools like Slack, Xero, and so on. Revolut said at the time that its Open API lays the foundations for it to become a ‘fully-fledged’ Open banking platform, which others can build services on top of.


Sign up for our newsletters

Your daily 7am download of all things alternative finance and fintech.

Fintech and alternative finance headlines with an exclusive Editor's Note each week. Delivered Monday at midday.

AltFi's new weekly US newsletter breaking down the ins and outs of America's burgeoning fintech sector. Delivered Monday 9am EST/ 6am PST.