New banks

Revolut hits 500,000 business customers

  • Revolut hits key milestone in its growth servicing small businesses.
  • The challenger bank has also rolled out a number of enhancements and features.
close

Email a Friend

Revolut hits 500,000 business customers

Revolut announced today that it has signed up 500,000 business customers. Launched just over 3 years ago, Revolut’s Business offering helps businesses of all sizes, across a number of industries and around the world.

Metrics and products: Alongside this milestone, Revolut Business has launched several new products, updated its interface and navigation, added more mobile functionality, and launched dark mode for mobile apps.

  • Revolut Business customers also have access to an updated interface, navigation and mobile functionality to manage their business finances.
  • Over the past 6 months, Revolut Business has rolled out a suite of new products including debit cards, instant EUR payments, INR transfers, direct debits, expense management, rewards and discounts on services, and integrations with a number of key partners including Quickbooks, Bullet HQ and Clear Books.
  • The challenger bank has also introduced open banking functionality that businesses can link their held-away accounts and money.
  • Revolut Business is also looking to expand into the US and Australian markets 

“We’re delighted to be helping businesses save money and time – and we felt that the milestone called for us to celebrate with a fresh look. The new structure of our Revolut Business web and mobile apps paves the way for some really exciting products we have in the pipeline. We can’t wait to take business accounts to the next level,” said Nik Storonsky, CEO and founder of Revolut.

Challengers focus on business customers: As challenger banks have put up huge growth numbers, the world is beginning to pay more attention to the quality of this growth.

  • Business accounts are typically premium accounts that challengers charge a month subscription fee for.
  • Revolut Business offers a free account with limited functionality and premium accounts begin at £25 per month.
  • Getting business accounts right provides a sticky form of monthly revenue, in addition to the other services businesses consume.
  • Some analysts believe the difference in fates between Monzo and Starling — one’s teetering on closing while the other nears profitability — has a lot to do with winning business accounts.

0 comments on “Revolut hits 500,000 business customers”

New banks

Challenger bank Current rolls out brick and mortar cash deposits

  • Current serves people who live paycheck to paycheck.
  • Based on user feedback, it's making it easier for its clients to deposit money.
Zoe Murphy | September 03, 2020
New banks

Varo’s No Fee Overdraft saved Americans more than $100 million over the past year

  • Banks charge billions of dollars of overdraft fees each year.
  • Overdraft fees cover the costs of "free checking" as those who pay them subsidize banking for everyone else.
Zoe Murphy | September 02, 2020
New banks

Wealthfront launches Autopilot, automating savings and money management

  • After launching checking accounts, Wealthfront continues to push ahead with its vision of self-driving money.
  • Autopilot helps clients manage their bank accounts through automation.
Zoe Murphy | September 02, 2020
New banks, Podcasts

BMO Harris’ Niamh Kristufek on empowering women in fintech

  • Fintech firms with women at the helm don't receive the same attention and investment dollars.
  • BMO Harris partnered with 1871 on a cohort of women-led fintech firms with the bank's mentorship and programming.
Zachary Miller | September 01, 2020
New banks

‘Culture is the fabric of resilience’: How Quontic Bank’s core values helped it navigate through the pandemic

  • Quontic Bank is a $400 million bank based in New York.
  • The firm's CIO Patrick Sells describes how culture helped the firm navigate through the uncertainty of the pandemic.
Michael Deleon | August 25, 2020
More Articles