Challenger bank Revolut is launching a business banking vertical and is accepting pre-registrations now. Revolut for business will allow businesses to hold, exchange and transfer funds in 25 different currencies across the UK and all of Europe at the interbank exchange rate. The digital only bank says that users will be able to sign up for a multi-currency account in minutes.
Revoolut says 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 Revolut for Business, real-time spending notifications, business credit cards and dedicated customer support.
“Revolut 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,” stated Nik Storonsky, founder & CEO of Revolut. “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.”
UK based Revolut has acquired over 650,000 customers for their consumer service in about two years. Adding business banking to the platform is a natural next step. Revolut continues to add new features and functionality looking to top traditional banking firms with better service at a lower cost. Revolut recently added device insurance perhaps foreshadowing additional services in another sector of finance.
Launched in London in 2015, was founded by Storonsky, a former trader with Credit Suisse, and Vlad Yatsenko, a former developer with Deutsche Bank.