The banking app has revealed which third-party services will be available to its business customers.
Revolut’s much talked about business marketplace is now available to customers. The service allows businesses to integrate with a range of third-party services, such as cloud accounting software.
‘Revolut Connect’, as it is called, has initially launched with FreeAgent, Slack and Xero – which can be integrated with as of this morning. ClearBooks, Sage, FreshBooks, Quaderno, ZohoBooks and KashFlow will be added in due course.
Revolut launched its business-facing service in June of last year and has now attracted more than 60,000 customers. Those customers – which range from small businesses to FTSE 100 firms – pay monthly fees according to their size. Revolut claims to have saved its business users over $14m in fees since launching.
Revolut Connect represents a strategic departure from Revolut’s consumer-facing approach to cross-selling products. Consumer users may also access third-party services through the app – but from a far smaller pool of providers, carefully curated by Revolut.
When AltFi first broke the news that Revolut would launch a business-facing marketplace, James Gibson, head of business development for Revolut for Business, told us that the firm could not hope to replicate the ‘huge’ number of vendors offering services on the business side. He also revealed that Revolut would not seek a business lending partner, as it will in time seek to underwrite loans itself.
Another facet of the app’s business service is its Open API, which allows customers to ‘configure and automate’ banking operations to suit their business model. French ride-hailing app SnapCar recently made use of the API to power instant payouts to its drivers.
“Modern businesses work with a multitude of apps and tools that help them simplify their work. Obviously there is accounting, but also other things like payroll, communication, expense management and more. Traditional banks have historically been closed to the outside world: at Revolut we want to do the opposite. We want to help businesses safely connect their finances to the tools they love. At the same time, we want to work with developers and innovators that want to build on top of our platform to create useful apps and integrations for businesses. This is why we’ve built Revolut Connect,” said Domenico De Fano, product owner for business at Revolut.
De Fano also revealed that the company is currently working on a ‘developer portal’ which will allow third-parties to build apps and integrations that can be ‘published’ on Revolut Connect – making them available to the app’s thousands of business customers.
“It’s an exciting perspective that will change the way businesses manage their finances, saving time and enabling new use cases,” he added.
Now in its sixth year, the AltFi London Summit returns on 18th March 2019 to 155 Bishopsgate. Last year proved to be a crucial turning point for the key players building the future of finance. Leading platforms launched oversubscribed IPOs, digital banks proliferated and mainstream financial institutions started their own disruptive propositions. With 2019 certain to be another landmark year, more questions will be asked by regulators with investor interest in disruption also poised for more rapid growth.