Revolut Business launches FX forwards as it continues to build SME banking profile

Revolut is taking yet another step closer to becoming an all-encompassing business banking platform.

The digital banking service has launched currency forward contracts (FX forwards) for its business customers here in the UK.

Business users can now set future exchange rates online, at any time, and are able to get a fixed FX rate for a set amount and date in the future through the Revolut Business web app.

“At Revolut Business we’re always looking to innovate to help our customers,” James Gibson, head of product at Revolut Business said. 

“Our multi-currency accounts and FX engine have helped thousands of businesses save on FX fees, and now we are helping businesses manage their FX risk too. Our FX forwards are available for customers, big and small and give more security to any business operating in multiple currencies. ”

FX forwards allow business customers to better manage cash flow, prepare for future eventualities and minimise risk from markets moving.

The new feature is available now in the Revolut Business web app and there is a flat 0.8 per cent fee for all future transactions across all business subscription plans.

Revolut launched its first business accounts back in July 2017 and has since amassed more than 500,000 business customers worldwide.

The fintech has been adding new features to its ‘super app’ as of late for both its business and regular customers.

Most recently, Revolut added QR code payments for its business customers, allowing users in 25 countries to use the socially distanced payment method. 

Earlier this month, the fintech also launched a new web extension to help its users save while they shop online and expanded its cryptocurrency offering thanks to an integration with Elliptic’s cryptocurrency compliance tools.

AltFi also exclusively revealed that Revolut would soon allow paying Metal customers to get beta access to transfer their Bitcoin holdings out of its app.