Thousands of businesses signed up for Revolut’s beta product for businesses in under 24 hours, with an estimated transaction volume of €2.4 billion per annum.
Revolut for Business, due to launch later this year, is targeted at helping British and European companies manage international payments, payroll and corporate travel.
Revolut for Business will bring interbank exchange rates and significant cost savings to the business travel and international payments market. Traditional global payment providers are losing market share because they have a tendency to be slow, expensive and lack transparency. Of five surveyed UK banks:
• The average cost to transfer £1,000 to Europe was £73.20 (advertised cost: £17.20).
• The average mark-up on the exchange rate for GBP-EUR was 6%.
• 76% of the average cost of the transfer was hidden in exchange rate mark-ups.
Revolut aims to cut hidden banking fees to zero. Nik Storonsky, Founder and CEO of Revolut, explains: ‘We launched Revolut in July 2015 to re-write the rules of the foreign exchange industry and provide a transparent, low-cost platform to move and manage money globally in multiple currencies. Revolut for Business is about delivering the same promise to businesses.’
Revolut was expecting only a few hundred initial sign-ups for the business platform. “We knew it would be popular as people have been asking us for business accounts for a long time, but even we were blown away by this level of interest” continued Nik.
The business platform will be offered in conjunction with the Revolut App and multi-currency MasterCard©. Available on iOS and Android, the Revolut app allows users to set up an account in seconds and instantly exchange currencies at inter-bank rates; send currencies globally via social networks, email, SMS; and spend with a globally accepted multi-currency MasterCard©.
Since launch in July 2015, the app has 330k active users who have transacted over $1bn. These transactions are growing at an average of 36% every month with 1,500 new customers joining every day.