Revolut’s Business Savings Account: Revolutionizing UK Firms
The launch of Revolut’s business savings account has sparked significant interest among UK firms, with £150 million in deposits made within just six weeks. This fintech company aims to expand its business-to-business services and offers the potential for annual returns of up to 3%.
James Gibson, general manager of Revolut Business, shared that the business savings account will soon be available in Europe during the second quarter of 2024. The demand for this service stems from clients seeking to earn returns on their accounts.
To attract startups, small and medium-sized enterprises (SMEs), and major corporates, Revolut has been actively expanding its offerings. 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 designed to help businesses manage their money more efficiently.
Gibson emphasized that Revolut is also working on treasury products for its business customers. These products cater to various sectors such as travel, marketing, ecommerce, and beyond. Many businesses have turned to Revolut due to the difficulties they face when opening accounts with traditional high-street banks, especially those with global operations looking to avoid high foreign exchange fees.
Headquartered in London, Revolut serves over 35 million customers worldwide and continues to expand its offerings to meet the diverse needs of businesses globally. With a focus on innovation and convenience, Revolut remains at the forefront of financial technology solutions for modern businesses.