Alternative banking app Revolut signs up 16,000 businesses

Alternative banking app Revolut has signed up 16,000 companies across the UK and Europe to its Revolut for Business platform since its launch earlier this year.

The service has enabled companies sign up for multi-currency accounts and make money transfers in 26 currencies to make payments to overseas employees or suppliers.

Alternative 

More than 4,150 businesses signed up to Revolut when the app first launched in June, and so far over £25.3 million worth of transfers have been sent by users.

The app offers an alternative for businesses in the UK and Europe that are in need of a service that enables them to manage their finances in multiple currencies, providing them with a user-friendly platform that has helped them save more than £1 million in exchange rates and transfer fees.

Companies can also make global mass-payouts using the app’s recently launched Revolut for Business Open API feature.

Revolut is now planning to add more features to its business accounts, including merchant accounts and integration with accounting software company Xero.

Frustrations

Commenting on why Revolut for Business was created, Revolut Founder and CEO Nikolay Storonsky stated that the platform was born out of the company’s frustrations with the pains of opening and managing business accounts in the UK and overseas.

He added: “Businesses were being offered poor deals with hidden exchange fees, coupled with the problems they faced with complicated, slow platform interfaces. We offer a cheaper and simpler alternative that supports businesses.