Revolut’s business savings account has garnered significant attention from UK firms, with £150m deposited in just six weeks. This fintech company aims to grow its business-to-business services and introduced its business savings account in January with the potential to earn up to 3% in annual returns.
James Gibson, general manager of Revolut Business, announced that although the business savings account is currently only available in the UK, they plan to launch it across Europe in the second quarter of 2024. The demand for this product was driven by clients seeking returns on their accounts.
To attract startups, small and medium-sized enterprises, 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 to assist businesses in managing their money.
Gibson revealed that Revolut is also working on treasury products for its business customers and highlighted that these customers come from various sectors such as travel, marketing, and ecommerce. Many businesses have turned to Revolut due to difficulties opening accounts with traditional high-street banks, particularly small businesses with global operations seeking to avoid high FX fees.
Based in London, Revolut serves over 35 million customers worldwide and aims to continue expanding its business offerings to meet the diverse needs of companies.