In the last six weeks, Revolut’s business savings account has been a huge success, with £150m in funding from UK firms. The account offers an impressive annual return rate of up to 3%, and was launched in early January. Although currently only available in the UK, Revolut plans to expand its business savings offering to Europe in the second quarter of 2024.
James Gibson, general manager of Revolut Business, spoke about the motivation behind the launch of this new product. He stated that strong client demand for returns on their accounts was the driving force behind it. Revolut has been working hard to attract startups, small and medium-sized enterprises, and major corporates. In addition to introducing its HR platform to over 300 firms in January, Revolut also partnered with tech firm Jabil to increase production of the Revolut Reader, a device that enables businesses to accept contactless payments.
Revolut is currently developing a range of tools aimed at helping businesses “put their money to work.” Gibson mentioned that most of their business customers come from sectors like travel, marketing, and e-commerce. Small businesses, startups and global firms have all turned to Revolut Business due to its ease of use and ability to avoid high FX fees. Based in London, Revolut has over 35 million customers worldwide and continues to expand its business offerings.