Revolut’s Business Savings Account Gathers Significant Interest from UK Firms
Revolut’s business-to-business services have been gaining popularity, with UK firms depositing £150m in just six weeks since the introduction of its business savings account in January. The fintech company aims to expand its offerings and attract startups, small and medium-sized enterprises, and major corporates.
To meet the needs of a diverse range of companies, Revolut has been actively increasing its efforts. The company rolled out an HR platform to over 300 firms, partnered with tech firm Jabil to enhance the production of Revolut Reader, a device that helps businesses accept contactless payments, and developed a range of tools to help businesses manage their money.
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 was driven by strong demand from clients wanting to earn returns on their accounts.
Revolut is also working on treasury products for its business customers and highlighted that its business customers come from various sectors such as travel, marketing, and ecommerce. Many businesses have turned to Revolut due to difficulties 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.