Revolut’s Business Savings Account Attracts £150m from UK Firms in Six Weeks
Revolut has been successful with its business savings account, which attracted £150 million from UK firms in just six weeks. The account offers up to 3% annual returns and was introduced in early January. Although currently only available in the UK, Revolut plans to expand its business savings offering to Europe in the second quarter of 2024.
James Gibson, general manager of Revolut Business, stated that the launch of the business savings account was driven by strong client demand for returns on their accounts. Revolut has been making efforts to attract startups, small and medium-sized enterprises, and major corporates. In January, the fintech rolled out its HR platform to over 300 firms and also partnered with tech firm Jabil to boost the production of Revolut Reader, a device that helps businesses accept contactless payments. Revolut is currently working on a range of tools to help businesses “put their money to work” and is developing treasury products for its business customers.
Gibson mentioned that most of Revolut’s business customers come from sectors like travel, marketing, and e-commerce. Many small businesses, startups, and global firms have turned to Revolut Business due to the ease of opening an account and avoiding high FX fees. Based in London, Revolut has over 35 million customers worldwide and continues to expand its business offerings.