Revo Technologies, a CEE-based fintech company, operating under the Mokka brand, specialized in “Buy Now Pay Later” services last week has announced its entrance on the Romanian market. Mokka is the leader in this fast-growing segment in CEE, which allows customers to buy instantly and pay for the products or services on their own, favourable terms. In 2019 alone, Revo financed over 750,000 purchases in more than 7,000 online and offline stores across Eastern Europe.
“Buy Now Pay Later” services are growing in popularity across the globe with leading merchants and younger, active consumers. We are excited to be the first fintech to introduce this service in Romania, where we see a tremendous opportunity to transform the shopping experience, offering a better alternative to traditional banking products. Penetration of financing offers among consumers in Romania is relatively low, and there is a strong demand for alternatives to banks that fall short on customer experience and access, particularly when it comes to younger consumers. In addition, a service like ours brings clear benefits for retailers that want to increase shopping basket, conversion, and loyalty as well as reduce reliance on the costly cash-on-delivery payments” said Irene Shvakman, the co-founder of Revo Technologies.
Romania is the third country of expansion for Revo, which already operates in Poland and Russia, where it has over 4.5 million registered customers. Revo has built partnerships with hundreds of leading merchants in categories such as fashion, footwear, jewellery, kids, sports, health and beauty, travel, home decorations, DIY, electronics and others. Revo offers partners a flexible omnichannel technology, making it easy for them to onboard and offer their shoppers a way to postpone payment for their purchases. Revo’s services will be available in Romania to end-consumers under the Mokka brand in the 2nd half of 2020.
As opposed to traditional financing products currently available on the Romanian market, users of Mokka do not need to go to a bank, fill in any documents, or wait to receive approval or card. The Mokka platform allows instant paperless registration of any customer in less than 2 minutes online or through its mobile app available directly in partners’ stores. After registration, the shopper can immediately make purchases, while paying for them later with a simple monthly payment plan. Mokka clients do not need any payment cards as all the transactions are made digitally, through its proprietary platform.
Revo’s solution offers significant benefits for retailers. Its technology is omnichannel so merchants can offer Mokka Buy Now Pay Later in both physical stores and online, including via merchants’ mobile applications. Financing offers and payment plans can be customized to each merchant’s needs. Experience in other markets shows that when buying with Mokka shoppers make bigger and more frequent purchases, increasing cart value and conversion in stores. Besides, offering Buy Now Pay Later solution reduces the need of cash on delivery, which is very costly for merchants since shoppers can receive their goods before they pay, while merchants cut waste in shipping and returns.
“We are progressing in our discussions with many leading Romanian retailers and service providers to allow a fast launch this year. In Poland and Russia, millions of our users, particularly younger millennials, have embraced the ease and convenience of this way of purchasing and now look for it at their favourite check-outs. We want to build on this experience in Romania and other CEE markets” said Stefan Vargolici (photo), Country Manager for Revo Technologies Romania, in charge of launching Mokka on the Romanian market.