Revolut is a fast growing Fintech company with more than 5 million customers. It has completed more than 350 million for over £40 billion in value. The company offers both business and personal accounts and recently made two announcements. Revolut received £16.5 million backing from Draper Esprit as part of a £250 million Series C funding round in March, Based in London it joined Kimble on the TechNation Future Fifty list this year as well.
Business Banking made Stronger
Its international business accounts are targeted at organisations that operate in multiple currencies. The Revolut application holds, receives and exchanges 29 different currencies with no additional charges. The banks accounts offer a number of benefits:
- Instant settlement in 29 currencies, including cross border payments
- Support for 150 currencies at interbank exchange rates
- Multi-currency cards, both physical and virtual for online payments
- Integrations to apps such as Slack, Zapier and Expensify
- Open API for further integrations
Its pricing structure is simple with a flat fee per month which rises depending upon the monthly incoming funds. For companies with less than £100,000 it charges £25 per month. There are a few other charges, for example it charges a 2% for cash withdrawals.
Its most recent innovation is the introduction of Payment Approval for business banking. This allows organisations to set up an approval workflow for payments that break a certain limit. For companies operating across multiple regions this reduces the risk of fraud by introducing a compliance check for large payments, for example over £1000. For higher payments there is an inference that organisations can add further approvers to the authorisation list.
The revolution never ends
Recently Revolut also opened up beta testing for RevP, its new payments platform. It already enables payments between customers, itself, Visa and MasterCard. It is now building its own secure payments platform and is looking for 1,000 people to test the platform for free. The platform includes a new 3D secure solution that includes a feature allowing customers to put their cards on a temporary bar if lost. Once found, the card can be unlocked.
Enterprise Times: What does this mean
Currently Revolut is targeting smaller businesses with international ambitions and individuals who make cross border payment or travel frequently. The internet has helped those small companies to grow quickly beyond the traditional home nation borders. As they have done so they often find that the traditional banking systems are expensive, cutting international profits, especially where transaction amounts are small.
Revolut currently integrates to accounting solutions such as ClearBooks, Sage, FreshBooks, KashFlow, ZohoBooks, QuickBooks and Xero. As the product maturity grows it will be interesting to see if it also adds integrations to ERP applications such as Oracle NetSuite. It may be that it doesn’t yet meet the requirements of a larger organisation. However, as it adds functionality there will be many who will start to consider whether a switch may have advantages. That is especially the case as they open up new operations abroad.