• Mon. Feb 26th, 2024

Revolut’s Business Savings Account: Earning More with Fintech – An Overview and Expansion Plans”.

ByEditor

Feb 13, 2024
Revolut plans to expand in EU with the introduction of a new business savings account

Revolut’s Business Savings Account: An Overview

The business savings account offered by fintech company Revolut has generated significant interest among UK firms, with £150 million deposited in just six weeks. The account, launched in January, promises to earn up to 3% in annual returns.

James Gibson, general manager of Revolut Business, revealed that the business savings account is currently only available in the UK but plans to launch it in Europe in the second quarter of 2024. The demand for such a product was driven by clients seeking to earn returns on their accounts.

To attract startups, small and medium-sized enterprises (SMEs), and major corporates, Revolut has been actively increasing its efforts. This includes rolling out an HR platform to over 300 firms, partnering with tech firm Jabil to enhance the production of Revolut Reader, a device that helps businesses accept contactless payments, and developing a range of tools to help businesses manage their money.

Gibson mentioned that Revolut is also working on treasury products for its business customers and highlighted that the company’s business customers come from various sectors such as travel, marketing, and ecommerce. Many businesses have turned to Revolut due to the difficulties they face in opening accounts with traditional high-street banks, especially small businesses with global operations that want to avoid high FX fees.

Revolut serves over 35 million customers worldwide and aims to continue expanding its business offerings to meet the needs of a diverse range of companies.

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