Revolut to ‘aggressively’ double down on business accounts after surge in revenue
The head of Revolut’s business-to-business offering has said it is “aggressively doubling down” on the business market, after the unit’s global revenues exceeded $500m (£380m) this summer.
The London-based fintech said monthly transaction volumes at Revolut Business have reached $17bn (£13bn). The unit now makes up between 15 and 25 per cent of the wider group’s revenues.
Revolut Business launched in 2017 and provides an automated financial platform for businesses, including start-ups and large corporates.
More than 250,000 businesses are said to use the offering each month to make payments globally, exchange money and manage spending. Revolut said the unit is currently adding an average of more than 20,000 businesses each month.
After investing more than £100m in customer growth initiatives for Revolut Business over the last 12 months, Revolut has announced the launch of Billpay, a product designed to save companies time managing and paying bills.
“In the last year, we’ve made huge strides forward in our mission to be the number one finance automation system for businesses and we recently brought the product to Singapore,” James Gibson, head of Revolut Business, said on Wednesday.
“With the support of a significant and growing number of customers behind us, we’re aggressively doubling down on B2B and are ready to revolutionise business accounts for even more businesses around the world.”
Revolut was founded in 2015 as a digital payments and money transfer app in the UK before expanding globally and offering a range of services, from cryptocurrency trading to an eSIM plan.
It booked a record pretax profit of £438m in 2023 on the back of higher interest rates and attracting almost 12m new retail customers over the year. The firm expects its global user base to surpass 50m customers by the end of this year.
Last month, Revolut secured a $45bn (£34.9bn) valuation in an employee share sale, cementing its position as one of the UK’s biggest banks.
The firm’s challenge to high street lenders received another boost earlier this summer when it received a UK banking licence, subject to temporary restrictions, after more than three years in regulatory limbo.
The licence allows Revolut to directly hold deposits and increase lending in its home market, where it boasts more than nine million customers. It is also expected to help Revolut’s chances of securing a licence in the US.
Revolut is also looking ahead to the possibility of a public listing, reportedly favouring the Nasdaq in New York rather than the London Stock Exchange.