Financial services company Revolut has acquired the popular point of sale (POS) system company Nobly POS.
No details were disclosed on the financial terms of the deal, but it's a step into the hospitality POS sector for Revolut.
The company has fingers in a lot of other pots, as well, with an umbrella of financial services that includes a crypto-exchange for trading Bitcoin, Ether, Litecoin, and more, as well as money transfers in almost 30 currencies and debit cards with withdrawals in more than 100 countries.
What to Know
While the financial terms weren't public, Revolut does have plenty of funds to work with: The London-based startup was valued at $33 billion shortly after a $800 million funding round in July 2021, a number which made it the most valuable startup in the UK.
“The Nobly team has built a great product and expertise which will further advance our mission to offer a one-stop shop solution to enable merchants of every kind to manage their finances and run their businesses from a single platform,” Revolut CEO Nik Storonsky said of the deal, adding: “Nobly’s ePOS product will enhance our existing Revolut Business offering to make life easy for hospitality businesses. We look forward to working with the team to build more features to support our strong growth.”
Nobly POS's cofounder and CEO George Urdea also highlighted the upcoming combination of the two services' data and software as the main benefit of the deal, saying:
“We built Nobly to enable small business owners and their teams to better serve their customers. Joining Revolut opens the exciting possibility to take the merchant-consumer experience to the next level, by bridging the rich point of sale data with Revolut’s financial super app.”
It's a big step towards the physical point-of-sale business for Revolut, and a sign that the company foresees plenty of growth in that area down the road. They're not alone.
POS Acquisitions Are Up
Nobly POS handles all the typical tasks expected of a hospitality POS: Employee, inventory, and menu management, mobile ordering, delivery, CRM, and integrations with third-party payment and accounting services, among many more.
But Revolut and Nobly POS aren't without competition, and the other top POS systems will prove tough to beat even with this new deal. One other big company, POS and ecommerce software company Lightspeed, is also buying up existing POS services: It bought Vend in a deal worth $350 million last March, and in late 2020, bought both restaurant POS Upserve and ecommerce POS ShopKeep.
Meanwhile, Amazon's reportedly working on its own POS service.
The retail and hospitality industries are likely in for a rough holiday season, so it makes sense that they'd be interested in staying 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. Ease of use, pricing, and features offered are all stellar for each option, and some even include hardware for free as part of a bundle, further increasing the value for their cost.
You can learn more about all those options and others in our guide here, which details the prices and transaction fees to expect for all of them. Or, you can just check out the biggest comparison points with this quick table here.