Revolut plans to expand in EU with the introduction of a new business savings account

Revolut’s Business Savings Account Generates Significant Interest from UK Firms

In just six weeks, UK firms have deposited £150m into Revolut’s business savings account. The fintech company aims to expand its business-to-business services and introduced the account in January with the potential to earn up to 3% in annual returns.

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.

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. The decision was driven by strong demand from clients wanting to earn returns on their accounts.

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. 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.

By Editor

Leave a Reply