Revolut’s Business Savings Account Gains Significant Interest from UK Firms
In just six weeks, UK firms have deposited £150m into Revolut’s business savings account. This fintech company has been attracting significant interest with its potential to earn up to 3% in annual returns. The business savings account was introduced in January and has sparked demand from clients seeking to earn returns on their accounts.
James Gibson, general manager of Revolut Business, has revealed that the business savings account will soon be launched in Europe in the second quarter of 2024. He stated that the decision to offer business savings accounts was driven by strong demand from clients wanting to earn returns on their accounts.
To appeal to startups, small and medium-sized enterprises, and major corporates, Revolut has been actively increasing its efforts. These include rolling out an HR platform for over 300 firms, partnering with tech firm Jabil to enhance the production of Revolut Reader – a device that helps businesses accept contactless payments – and developing a range of tools to help businesses manage their money.
Gibson mentioned that Revolut is also working on treasury products for its business customers and highlighted that the company’s business customers come from various sectors such as travel, marketing, and ecommerce. Many businesses have turned to Revolut due to the difficulties they face in opening accounts with traditional high-street banks, especially small businesses with global operations that want to avoid high FX fees.
Revolut serves over 35 million customers worldwide and aims to continue expanding its business offerings to meet the needs of a diverse range of companies as it headquartered in London.