In a blog post, Revolut describes the business-facing marketplace as one of its ‘best kept secrets yet’. The service will allow business owners to connect their Revolut for Business accounts to a wide range of tools and apps, including Slack, accounting software, budget planners and so on.
Revolut’s decision to offer a broad range of integrations to business users represents a shift away from its consumer-facing strategy. Individual users may use the app to access a select group of third-party providers, such as Lending Works, for loans, or Thomas Cook Money for travel insurance. But Revolut, in its blog post announcing Connect, is actively asking business users to suggest new integrations: “Got a great idea about how we can make your business processes easier? Just tell us what you need and we’ll roll up our sleeves and build it!”
He also revealed that one area Revolut will not be seeking partners for is business lending – because it intends to underwrite these loans itself. He said that Revolut already employs an underwriting team which is wholly focused on issuing SME credit.
Revolut is currently in the process of applying for a European banking licence, and expects to have it in place by the first half of 2018. If secured, the licence will allow the app to begin offering deposit and credit services in select markets.
Revolut has also recently launched its Open API for business customers, allowing them to ‘automate internal workflows’ through scheduled mass payments and transaction notifications. But more importantly, the API lays the foundations for Revolut for Business to become a full-fledged Open Banking platform, which other firms can build services on top of.