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

Revolut’s Business Savings Account Attracts £150m in Interest from UK Firms, Prompting Expansion Plans for Europe.

Revolut’s business savings account has garnered substantial interest from UK firms, with deposits totaling £150m in just six weeks. This fintech company is committed to expanding its business-to-business services and introduced its business savings account in January, offering the potential to earn up to 3% in annual returns.

James Gibson, general manager of Revolut Business, announced that the business savings account will be launched in Europe in the second quarter of 2024. The decision to offer business savings accounts was driven by strong demand from clients seeking returns on their accounts.

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.

Gibson revealed that Revolut is also working on treasury products for its business customers and highlighted that the company’s business customers come from various sectors such as travel, marketing, and ecommerce. 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.

Headquartered in London, 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.

Leave a Reply

Adam Peaty clinches the bronze medal in 100m breaststroke at the 2024 World Aquatics Championships Previous post Adam Peaty’s Triumph: A Testament to Talent and Determination
Youth organizations to receive smaller budget cuts, Smotrich announces Next post Finance Minister’s U-turn on Youth Organizations Funding Cuts: A Sign of Hope for Teenagers and Young Adults in Israel