Digital challenger Revolut rolls out business banking in latest expansion for fintech startup

Lynsey Barber
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Revolut is now targeting business as well as consumers (Source: Revolut)

Digital challenger bank Revolut is launching business accounts across the UK and Europe in the latest stage of its expansion plans.

The fintech startup will offer businesses multiple cards for use in 25 different currencies with transfers at interbank rates and no fees on spending, letting businesses track employee expenses.

It has already signed up more than 12,000 businesses interested in the service, including FTSE 100 firms and startups.

The cost of the service starts at £25 per month, and up to £1,000 per month, depending on the size of the business. It will offer the first month for free.

Revolut founder and chief executive Nik Storonsky said the number of pre-registrations gave the startup "great confidence that Revolut for Business will experience the same demand as our consumer service has".

"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.”

It's the latest step in ambitious expansion plans from the two-year-old startup which last week closed a debt financing round from Triplepoint Capital. It is also currently raising a fresh series b round of equity investment.

It has raised £11m to date from investors such as Balderton Capital, Index Ventures, Seedcamp and Ribbit Capital as well as crowdfunding via Seedrs.

Revolut last month scrapped its fees for transfers of up to £5,000 each month, taking on fellow fintech startup Transferwise.

And in recent months it's launched an Amazon Prime-style subscription for banking, giving users unlimited fee free transfers for a monthly fee along with other features. The firm has also partnered with other fintech firms to offer users loans and mortgages, ramping up its efforts to make money.

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