Businesses flock to app-based Revolut

Businesses flock to app-based Revolut

European app-based banking outfit Revolut is claiming strong uptake of its business account offering, signing up 16,000 firms since June.

UK-based Revolut launched in 2015, initially focusing on current accounts before opening up to companies four months ago. The startup says it hopes to have registered 20,000 firms across the UK and Europe by the end of the year and is busy onboarding about 40 a day.

The service allows companies to sign up for multi-currency accounts in minutes, issue corporate cards, make free money transfers in 26 currencies to pay suppliers or employees overseas - all at the interbank exchange rate.

In addition, Revolut has now launched the Revolut for Business Open API to allow customers to automate these processes from their own systems.

While 16,000 business customers may not yet have the European giants quaking in their boots, Revolut insists it is tapping into a deep seam of unhappiness with traditional lender.

"Revolut for Business was born out of our frustrations with the pains of opening and managing business accounts in the UK and abroad. Businesses were being offered poor deals with hidden exchange fees, coupled with the problems they faced with complicated, slow platform interfaces," says CEO Nikolay Storonsky.

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