Revolut’s journey from a challenger fintech to a major banking player appears to be going from strength to strength as the company now targets an enhancement of its business offering.
The London-based international neobank has mapped out how it plans to step up its Revolut Business segment. The group’s roadmap will build on the launch of Revolut BillPay earlier this week, a bill management and payments platform for businesses.
Recognising a growing business customer-base, Revolut now intends to expand the scope of its business accounts, helping businesses make seamless local payments and aiming to integrate more local payments types.
In the field of business payments, the firm has launched Push-to-Card, a payments method for businesses to pay customers and contractors, active in 78 countries and supported by more than 50 local currencies.
Lastly, Revolut plans to increase options for payment acceptance by launching a payment terminal for larger businesses, building on merchants’ use of Revolut Pay.
“Shaped by our experience serving millions of retail customers, Revolut Business is growing rapidly,” said James Gibson, Head of Revolut Business.
“In the last year, we’ve made huge strides forward in our mission to be the number one finance automation system for businesses and we recently brought the product to Singapore.
“With the support of a significant and growing number of customers behind us, we’re aggressively doubling down on B2B and are ready to revolutionise business accounts for even more businesses around the world.”
Revolut has emerged as one of the UK’s leading challenger banks and fintechs, building up an impressive international profile with activity in several markets. A banking licence in its home market, the world’s sixth largest economy the UK, eluded the firm for some time.
The company’s long wait came to an end in June when the Financial Conduct Authority (FCA) finally granted Revolut its wish. In the months since, two trends have continued – Reovlut’s value has grown, and its expansion into traditional banking has stepped up.
On the former, Revolut recently became Europe’s most valuable startup with a total value of $45bn (£34.5bn). This came about from an employee share sale facilitated by US bank Morgan Stanley.
In the latter area, Revolut has been increasingly getting involved in the activities of traditional banks, unsurprising given it now has more freedom to do so in the UK via its licence, though this activity is not just limited to British customers.
The firm seems to be eyeing up Ireland as a testing ground for its loaning activities. According to The Irish Times, it has been holding talks with Irish mortgage brokers and is deliberating whether to issue loans through these brokers or directly.
In this context, Reovlut is taking note of its rising business customer base. The firm reports onboarding of over 20,000 companies on average per month, with monthly transaction volumes reaching £17bn and global revenue for Revolut Business now surpassing $500m (£380m).
