Revolut has seen significant success with its business savings account, with UK firms depositing £150m in just six weeks. The fintech company aims to expand its offerings and introduced the business savings account in January, promising the potential to earn up to 3% annual income.

James Gibson, managing director of Revolut Business, revealed that while 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 customer demand who want to earn on their accounts.

In order to attract startups, SMEs and large corporations, Revolut is actively increasing its efforts. This includes rolling out an HR platform for over 300 businesses, partnering with tech firm Jabil to improve production of the Revolut Reader, a device that helps businesses accept contactless payments, and developing a range of tools to help businesses manage their money.

Gibson noted that Revolut is also working on treasury products for its business customers and pointed out that the company’s business customers come from various sectors such as travel, marketing and e-commerce. Many businesses, including sole traders and start-ups, have turned to Revolut because of the difficulties they face opening accounts with traditional high street banks, particularly small businesses with global operations who want to avoid high foreign exchange fees.

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

By Editor

Leave a Reply