Payment Wars: Revolut to take on PayPal & Apple. Here's what everyone's missing 🧠; JPMorgan continues FinTech acquisitions to expand its payments biz 💸; Web3 keeps dominating in startup funding 🚀

FinTech is Eating the World, 13 September

Good day Everyone,

And Happy Tuesday! Today’s issue is undoubtedly the most interesting and exciting one this week so far. We will be looking at Revolut’s quest to take on PayPal & Apple (& what everyone's missing here), JPMorgan which continues the FinTech acquisition spree (it knows that FinTech is eating the world, so it’s spending crazy $$$ to expand its payments biz), and Web3 that keeps dominating the startup funding (bonus is a list of top Web3 & Crypto VCs + how to get them to say YES). Let’s jump straight into the fascinating stuff:

Payment Wars: Revolut to take on PayPal & Apple. Here's what everyone is missing 🧠

The news 🗞 British Super App wannabe Revolut has entered the one-click checkout game with the launch of Revolut Pay. The news was first reported by Bloomberg and sparked a lot of discussions within the FinTech community.

I believe everyone is missing the big picture here, so let’s take a closer look.

The USP 🥊 Revolut customers can now check out in one click on any site where Revolut Pay is available. Non-Revolut customers can do the same once they save their card details to Revolut Pay. All customers can earn cash back on purchases.

The commercials 👉 Revolut will charge businesses a roughly 1% fee for the service, and it will pay them within 24 hours, which Revolut claims is faster than other checkout providers.

If we have learned anything from the struggles of Bolt and the fast failure of Fast, one-click checkout as a standalone business has no moat (but it’s a different case for Revolut). More importantly, both PayPal PYPL 0.00%↑ and Apple AAPL 0.00%↑ are the ones who should worry the least about Revolut Pay (all the magic happens somewhere else).

Here’s more on that, what everyone’s missing + the takeaway: