London-based FinTech startup Revolut commenced its service as a money transfer app and is now gradually steering towards offering banking services aimed at assisting businesses for financial services.
Today, it announced the launch of “Revolut for Business“, a service that will enable the firms to sign up for multi-currency accounts in minutes. They will be equipped with the ability to hold, exchange, and transfer in 25 currencies with the interbank exchange rate. In addition, the businesses can issue employees with corporate cards for global fee-free spending and manage their transactional activity real-time through a secure online platform.
The service is being rolled out across Europe and the UK. Companies can select from three available packages, that range from £25.00 – £1,000 per month, with the first month free for all of them.
Other additional features include free and instant money transfers between companies that are signed up to Revolut for Business, real-time spending notifications, dedicated customer support.
Revolut in a statement says, they announced the development of a business service earlier this year, and since then over 12,000 businesses have pre-registered, ranging from FTSE100 to scaling startups. Nik Storonsky, Founder & CEO of Revolut, said,
Revolut has literally reinvented the way in which people spend and send money abroad, and so launching a business service was the next logical step for us. We can apply the same innovation to help businesses across the UK and Europe eliminate unfair banking fees.
Launched about two years ago, Revolut claims to have acquired more than 650,000 customers with their consumer service, allowing customers to open a current account in 60 seconds.
Businesses, these days are turning to digital financial services, to makes transactions and avail the services at an ease. Another London-based remittance startup TransferWise is specializing in this space. However, unlike Revolut, it does not charge a monthly fee and allows users to set up the account to carry multi-currency transactions for free. It requires a transparent fee when you exchange currency or transfer money out of the account. The latter’s recently “Borderless Account” lets users set up accounts in the U.K., Europe, the U.S. and receive the details almost immediately. It lets you store money in about 15 currencies.