Banking challenger Revolut has today launched its Open API to third parties for its business banking accounts, allowing users to integrate its Revolut for Business accounts with other third party software.
The news comes just one week on from Revolut’s announcement at the AltFi London Summit of its intention to launch Revolut Connect, a third-party marketplace exclusively for its business banking customers.
The Revolut Open API is expected to pave the way for the app’s first live integrations ahead of Revolut Connect’s debut in the next few months, as it becomes open season on integrating Revolut’s account functionality into third-party accounting software, payroll solutions and spending categorisation products.
Speaking at AltFi London last week, Revolut for Business’ James Gibson said that on the business side, Revolut intends to take “a slightly different approach” to its previous partnerships included with consumer accounts.
“The number of vendors that you have offering these services is huge on the business side, and not something we could really ever replicate ourselves,” said Gibson. So rather than relying on a small group of partners, Revolut Connect will incorporate a broad range of services.
However we can expect to see Revolut taking its own approach to business loans, where the banking app hopes to underwrite loans to business customers itself. Gibson confirmed that Revolut currently has an SME underwriting team, which is purely focused on working to reach that goal.