Digital payment firm Stripe has joined forces with UK-based fintech firm Revolut to enhance payments in the UK and Europe and support its expansion into new markets.

Revolut, which launched in the UK in 2015, provides money transfer and exchange services as well as a range of other products such as accounts, insurance, trading and invoicing among others.

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It caters to 18 million customers and 500,000 businesses in over 200 countries and territories.

The partnership comes as Revolut prepares to foray into Mexico and Brazil as part of its broader expansion strategy.

The firm will tap Stripe’s infrastructure and global presence to expand into these and other new markets and provide customers enhanced payment experience in line with their local payment preferences.

The two companies will also work together to explore opportunities to extend their collaboration and develop new payment offerings.

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Revolut vice president of business development David Tirado said: “We share a common vision and are excited to collaborate across multiple areas, from leveraging Stripe’s infrastructure to accelerate our global expansion, to exploring innovative new products for Revolut’s more than 18 million customers.”

Stripe EMEA revenue and growth lead Eileen O’Mara added: “Revolut and Stripe share an ambition to upgrade financial services globally. We’re thrilled to be powering Revolut as it builds, scales, and helps people around the world get more from their money.”

Last month, Stripe expanded the rollout of its bank transfer solution for business in the UK, the EU and Mexico.