Revolut’s Business Savings Account: An Update
Revolut, the fintech company that has been shaking up the banking industry for years, has recently introduced a business savings account in the UK. This new product has generated significant interest among UK firms, with £150m in deposits made in just six weeks. The potential to earn up to 3% in annual returns has clearly attracted businesses looking for alternative ways to grow their finances.
James Gibson, general manager of Revolut Business, shared some insights into the company’s plans for its business savings account. He confirmed that while it is currently only available in the UK, they plan to launch it across Europe in the second quarter of 2024. The demand for business savings accounts drove this decision, and Gibson stated that Revolut is constantly increasing its efforts to attract startups, small and medium-sized enterprises (SMEs), and major corporates.
In addition to launching its business savings account, Revolut has also been working on other initiatives to meet the needs of its customers. For example, it rolled out an HR platform to over 300 firms and partnered with tech firm Jabil to enhance the production of Revolut Reader, a device that helps businesses accept contactless payments. Furthermore, they have developed a range of tools aimed at helping businesses manage their money more effectively.
Gibson also mentioned that Revolut is currently working on treasury products for its business customers. These products are designed to help companies manage their cash flow and investments more efficiently. It is worth noting that Revolut’s business customers come from various sectors such as travel, marketing, and ecommerce. Many businesses have turned to Revolut due to difficulties opening accounts with traditional high-street banks or due to high FX fees when operating globally.
Revolut’s headquarters are located in London, but it serves over 35 million customers worldwide and aims to continue expanding its offerings to meet the diverse needs of companies around the globe. With its innovative approach and cutting-edge technology, it is clear that this fintech giant will continue shaping the future of finance for years to come.
In conclusion, Revolut’s introduction of a new Business Savings Account has generated significant interest among UK firms depositing £150m within six weeks. This product was launched with potential returns up to 3% per annum which attracted many businesses looking for alternative ways