Revolut Business, a global fintech provider, has published a survey of nearly 3,000 European business leaders, revealing significant dissatisfaction with traditional or "legacy banks." Findings show that two-thirds (63%) of businesses consider legacy banks too slow to adapt to modern needs, while nearly 80% cite issues like high fees, slow transactions, and inadequate mobile services. This concern is especially high among larger businesses, with 64% worried they’ll fall behind competitors without fintech support.
With these findings, Revolut has launched Revolut Business 5, an updated platform designed to meet the needs of modern enterprises, offering improved navigation, B2B SEPA Direct Debits, and team spending controls. James Gibson, General Manager at Revolut Business, highlighted the need for an adaptable, tech-forward solution, saying, “As we launch Revolut Business 5, we know we’re giving customers the ability to find features faster, spend with precision, and manage payments easily.” Barry’s, a global fitness brand, is among the businesses benefiting from Revolut’s financial tools, citing reduced time spent on expenses and improved spending transparency.
- The study highlights a notable trend of businesses moving away from traditional banks, with 66% of UK businesses reporting that their peers increasingly rely on fintech solutions.
- Businesses using Revolut Business have reported substantial time savings in managing finances, with tools allowing streamlined expense management and team spending controls.
- Revolut Business has become a significant contributor to the company’s revenue, now accounting for 15-25% of gross profit, and has recently surpassed $500M in annualized revenue.
