Revolut reaches 500,000 SME customer milestone after 3 years

By Oliver Smith on Thursday 3 September 2020

Digital Banking

Since launching in July 2017 Revolut’s business banking service has racked up customers.

Revolut reaches 500,000 SME customer milestone after 3 years
Image source: Revolut.

Digital banking service Revolut announced a new milestone today as it sailed past 500,000 business customers of Revolut Business.

The business banking service launched three years ago and is available for businesses with a physical presence in the European Economic Area and Switzerland.

To mark the occasion Revolut launched a redesigned interface for the service, and said that expansion to the US and Australia will be coming soon.

“We’re delighted to be helping businesses save money and time—and we felt that the milestone called for us to celebrate with a fresh look,” said Nik Storonsky, Revolut’s CEO and founder.

“The new structure of our Revolut Business web and mobile apps paves the way for some really exciting products we have in the pipeline. We can’t wait to take business accounts to the next level.”

In recent months Revolut Business has added a host of new features including direct debits, expense management, open banking for SMEs to add other accounts, and more.

Revolut Business competes with other challenger business accounts from Tide, Starling Bank and Monzo, albeit Revolut covers a far larger geographic area while its rivals currently only operate in the UK.

According to the latest Banking Competition Remidies quarterly update for the quarter to 30 June, Tide had 200,000 UK business customers while Starling Bank had 180,000.

For its business customers Revolut offers a free basic service and then charges £7/month for freelancers and £25/month for companies to access features like additional monthly payments and processing payroll.

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