London-based FinTech startup Revolut certainly seems to be making its mark on the industry and business world. Named “Best UK Startup of the Year,” and having launched in Australia last month, the service shows no signs of stopping. The most recent example is its launch of Revolut for Business.
Digital banking for everyone
Since its launch in 2015, Revolut’s user base has expanded to over 4 million people. The digital banking app’s primary appeal is the ease of sending and receiving money (including cryptocurrency) and executing P2P payments across the world with interbank exchange rates. It also offers a pre-paid debit card enabling cash withdrawals in over 100 countries. The main draw seems to be the lack of fees on currency exchanges and the ease of usage of the app.
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Most of these privileges have now been extended to SMEs and startups, now that Revolut’s dipped its toes into the B2B segment. Over 100 000 persons and entities have already signed up to Revolut for Business. It targets organizations with international ambitions who prefer to consolidate their resources on product and staff rather than banking fees.
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The project indeed seems to work for the clients. And managing transactions in nearly 30 currencies and taking care of the high charges related to international transactions, thereby helping the business save a lot of money, is only a start.
Clear industry demand for integrations and connectivity
The FinTech company’s new business solution can be integrated with Slack, XERO, Sage, and other business software. This process is managed via Revolut Connect. Revolut Connect is a service that allows connecting all the business apps above and others. For instance, linking to Free Agent would allow staying on top of the cash flow. Revolut Connect works on custom Open API, making the financial processes easy to streamline across the organization.
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Corporate cards for employees are also on offer. They’re similar to the B2C cards Revolut’s been issuing for a few years now and make it easier for the staff’s payments to go through quickly and easily.
To see a demo of the features of Revolut for Business today, check out the video below. What are your thoughts about what Revolut is trying to achieve in B2B? Share your comments with us below.
YouTube: Revolut for Business
Photo credit: The feature image “mobile payment using payment terminal” was done by Jonas Leupe.
Source: Aaron Larsson (Revolut blog) / Mary Loritz (EU-startups) / Steve Brooks (Enterprise Times / Romain Dillet (TechCrunch) / Bryn Glover (startups) / Mary-Ann Russon (BBC)
