• Fri. Mar 1st, 2024

Revolut’s Business Savings Account: Meet the Fintech Company Revolutionizing Corporate Money Management

ByEditor

Feb 13, 2024
Revolut plans to expand in EU with the introduction of a new business savings account

Revolut’s business savings account has become very popular, with UK firms depositing £150m in just six weeks. This fintech company is looking to expand its business-to-business services and introduced its business savings account in January with the potential to earn up to 3% in annual returns.

James Gibson, general manager of Revolut Business, revealed that although the business savings account is currently only available in the UK, they plan to launch it in Europe in the second quarter of 2024. The decision to offer business savings accounts was driven by strong demand from clients wanting to earn returns on their accounts.

To attract startups, small and medium-sized enterprises, and major corporates, Revolut has been actively increasing its efforts. This includes rolling out an HR platform to over 300 firms, partnering with tech firm Jabil to enhance the production of Revolut Reader, a device that helps businesses accept contactless payments, and developing a range of tools to help businesses manage their money.

Gibson mentioned that Revolut is also working on treasury products for its business customers and highlighted that the company’s business customers come from various sectors such as travel, marketing, and ecommerce. Many businesses, including sole traders and startups, have turned to Revolut due to the difficulties they face in opening accounts with traditional high-street banks, especially small businesses with global operations that want to avoid high FX fees.

Headquartered in London, Revolut serves over 35 million customers worldwide and aims to continue expanding its business offerings to meet the needs of a diverse range of companies.

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