Revolut, the app-based banking alternative (to quote its latest strapline), has launched a new service for business across Europe and the UK.
The new service mirrors many of the key features of the consumer-facing platform. Businesses will be able to hold, exchange and transfer cash in 25 currencies, using the interbank exchange rate. Consumer users of the app may effectively exchange between 120 currencies by spending overseas, but they can only hold five currencies: Pounds, Dollars, Euros, Zloty and Francs. Revolut intends to increase this number to 15 by the end of the year.
Revolut has acquired over 650,000 individual users since launching as a money exchange app in 2015. Its business banking proposition has been in the pipeline for some time, but is officially live as of this morning.
Founder and CEO Nik Storonsky (pictured) says that more than 12,000 businesses are already pre-registered to use the service, “from FTSE 100 [firms] to some of the best known tech startups”.
The firm hasn’t been able to specify which FTSE 100 companies are using the app, other than to say that two are international airlines.
Business users of the app have three packages to choose from, with prices ranging from £25 to £1,000 per month, and the first month free.
Those users will be able to issue employees with corporate cards for “global fee-free spending”, in addition to being able to manage their transactional activity in real-time, thanks to the app’s instant payment notifications and spending analytics.
“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,” said Storonsky. “We can apply the same innovation to help businesses across the UK and Europe eliminate unfair banking fees.”