Banking News

Digital bank launches into business banking

Digital bank launches into business banking

(12 June 2017 – Europe) Challenger bank Revolut has announced that it is launching a business banking unit and open for registrations

“Revolut for Business” says it will allow businesses to hold, exchange and transfer funds in 25 different currencies across the United Kingdom (UK) and all of Europe at the interbank exchange rate.

The bank, which is online-only, says that businesses will be able to sign up for a multi-currency account in minutes.

Revolut adds that since announcing the development of a business service earlier this year, more than 12,000 businesses have pre-registered, ranging from startups to FTSE100 firms.

Businesses will have the option to choose from three packages, ranging from £25.00 – £1,000 per month, with the first month free. Additional features will include free and instant money transfers between companies that are signed up to the service, real-time spending notifications, business credit cards and dedicated customer support.

Founder and CEO of Revolut, Nik Storonsky says the bank “has literally reinvented the way in which people spend and send money abroad, and so launching a business service was the next logical step for us. We can apply the same innovation to help businesses across the UK and Europe eliminate unfair banking fees.

“To have more than 12,000 businesses pre-registered in such a short space of time, from FTSE 100 to some of the best known tech startups, gives us great confidence that Revolut for Business will experience the same demand as our consumer service has,” he added.

UK based Revolut has acquired over 650,000 retail customers over about two years, with business banking being a natural progression.

Launched in London in 2015, was founded by Storonsky, a former trader with Credit Suisse, and Vlad Yatsenko, a former developer with Deutsche Bank.

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