• Mon. Mar 4th, 2024

Revolut’s Business Savings Account: Meeting the Demand for Competitive Returns in the UK and Europe

ByEditor

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

Revolut, a fintech company based in London, has experienced significant interest from UK firms with the launch of its business savings account. In just six weeks, £150m has been deposited into the account. The company aims to expand its business-to-business services and introduced this product in January with the potential to earn up to 3% in annual returns.

James Gibson, general manager of Revolut Business, revealed that although the business savings account is currently only available in the UK, they plan to launch it in Europe in the second quarter of 2024. This decision was driven by strong demand from clients wanting to earn returns on their accounts.

To attract startups, small and medium-sized enterprises, 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.

With over 35 million customers worldwide and headquartered in London, Revolut aims to continue expanding its business offerings to meet the needs of a diverse range of companies.

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