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.