Revolut’s Business Savings Account Has Attracted Significant Interest
In just six weeks, UK firms have deposited £150m into Revolut’s business savings account. This fintech company has introduced its business savings account in January, offering the potential to earn up to 3% in annual returns. The demand for this service has been strong, leading to its success.
Revolut Business General Manager James Gibson announced that although the business savings account is currently only available in the UK, the company plans to launch it in Europe during the second quarter of 2024. The decision to offer business savings accounts was driven by strong demand from clients wanting to earn returns on their accounts.
To attract startups, small and medium-sized enterprises (SMEs), and major corporates, Revolut has been actively increasing its efforts. This includes rolling out an HR platform for 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 mentioned 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.
Revolut is headquartered in London and serves over 35 million customers worldwide. The company aims to continue expanding its business offerings to meet the needs of a diverse range of companies.