Revolut, the global fintech with more than 45 million customers worldwide, today announced it is doubling down on business accounts as global annualised revenues of its business-to-business (B2B) offering, Revolut Business, have surpassed $500M. Globally, monthly processed transaction volume has reached £17B.
The news comes as Revolut continues to expand its footprint globally with the launch of Revolut Business in Singapore – benefitting global businesses with Singaporean operations and introducing a tech-first business account solution to a market underserved by legacy banks. This move brings the total number of markets where Revolut Business is live to 40. That accelerated growth is set to continue as Revolut Business onboards over 20,000 businesses each month, who are joining hundreds of thousands of monthly active businesses.
Building on this momentum, Revolut has launched Revolut BillPay today to further meet the growing demand for better business accounts. Integrated with major accounting softwares, including QuickBooks, Xero, and FreeAgent, Revolut BillPay is designed to save time managing and paying bills to suppliers in over 150 destinations with just a few clicks. Businesses can minimise manual effort, benefit from spend controls and approval rules, and gain complete oversight of their operations, freeing up time for business growth.
Further product innovation will span four key focus areas:
- Business accounts: Revolut Business is helping businesses break into new markets and save as they transfer money across 150+ countries. This year alone it has introduced local IBANs in a number of European markets, making local payments even more seamless, and will continue to build deeper integrations and local market payment types.
- Payments: Revolut Business has introduced Push-to-Card, a simple way for businesses to pay customers and contractors like a local, globally and in minutes; with 78 countries supported in 50+ local currencies. Businesses only require a card number (and name), while users automatically benefit from Revolut’s FX rates for international payments.
- Acquiring: Merchants around the world use Revolut Pay to accept payments with marquee customers including Aer Lingus, Kiwi, French Connection and Dermalogica. To keep meeting fast growing demand, Revolut will continue to increase options for payment acceptance with the launch of a payment terminal for larger businesses.
James Gibson, Head of Revolut Business, said, “Shaped by our experience serving millions of retail customers, Revolut Business is growing rapidly. In the last year, we’ve made huge strides forward in our mission to be the number one finance automation system for businesses and we recently brought the product to Singapore. With the support of a significant and growing number of customers behind us, we’re aggressively doubling down on B2B and are ready to revolutionise business accounts for even more businesses around the world”.
Since its launch in 2017, Revolut Business has continued to innovate and added a variety of different tools and features to its platform in line with the evolving needs of businesses, making it a one-stop platform for them.
