Cryptocurrencies have been hailed as the new financial alternative but new digital banks like Revolut are showing that there is a lot more space for innovation in the financial services sector combining traditional banking services as well as the new.
What is Revolut?
Revolut offers a range of digital banking services in a mobile app targeted at young tech-savvy users, including:
- Transferring money abroad in 29 currencies
- A pre-paid debit card that enables cash machine withdrawals in 120 countries
- A crypto-currency exchange allowing users to convert currencies into Bitcoin, Litecoin, Ethereum, Bitcoin Cash or XRP
- Vaults for budgeting and saving money
- Mobile phone and overseas medical insurance
With standard accounts, users get a free UK current account and a free euro IBAN account. There are no fees on exchanging in 24 currencies, up to £5,000 a month, and you can withdraw up to £200 a month from cash machines.
Revolut also offers monthly subscription plans with higher thresholds for no fees, as well as instant access to cryptocurrencies, cash back, travel and concierge service.
Revolut’s services are currently only available in Europe, but the firm has plans to expand into North America, Australia, Singapore and Hong Kong soon.
How big is Revolut?
As of March, Revolut says it reached 4.5 million customers – 1.6 million customers are located in the UK alone.
Revolut is currently valued at $1.7bn (£1.3bn) from its most recent fundraising
Now Revolut eyes the business market
According to their website, Revolut for Business is a business account platform for domestic and international payments, designed to save you time and money.
Transfer domestically and internationally
All without hidden fees
- Get unique GBP and EUR account details for local payments
- Hold, send, and receive funds in up to 28 currencies
- Exchange and transfer money without rubbish exchange rates and hidden fees
- Fair and transparent cross-border transactions
Eliminate stress from accounting
Make it simple for employees
- Issue an unlimited number of physical and virtual multi-currency corporate cards that you can add to Apple Pay
- Easily manage employee expenses and set monthly spending limits per card
- Attach receipts with descriptions and view expenses in real time via mobile app
- Export your transactions or integrate with accounting tools like Xero, FreeAgent and more
Automate your workflow
Spend more time on what’s important
- Use bulk payments to make up to 1,000 payments to employees or partners with a single click
- Get rid of routine work when you set up recurring payments
- Set permissions for what your team can see or do including rules for payments that require approval
- Integrate with apps you already use in just a click or build custom integrations according to your business needs,
More than 100,000 companies have signed up for Revolut for Business
Watch Revolut for business Webinar below
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