Tuesday 11 February 2020 12:01 am

Revolut launches open banking for retail and business customers

Digital bank Revolut today announced the launch of open banking for all UK retail and business customers as it ramps up its challenge against money management rivals.

The new feature allows UK customers to connect their external bank accounts to Revolut’s platform, allowing them to view all their balances in one app.

Read more: Open banking ‘held back’ by lack of trust over data sharing

Open banking was introduced in the UK two years ago in a bid to help consumers and small businesses by making it easier to share data across different finance providers.

Revolut said its new offering, built in partnership with software provider True Layer, would give customers greater control over the financial lives.

It marks the challenger bank’s efforts to take on money management apps such as Emma, ING’s Yolt and HSBC’s Connected Money — taking further share away from legacy banks.

“With the launch of our new open banking feature, UK customers can now view and manage multiple external bank accounts, enabling them to interpret their day to day spending across all of their accounts, with the added benefit of making our offering even more relevant, user-friendly, faster and more cost-efficient for our customers,” said Joshua Fernandes, product owner for open banking at Revolut.

“We’re delighted to see that new legislation such as open banking is changing our financial landscape for the better, and I’m proud that Revolut and True Layer are at the forefront of this experience.”

Read more: Revolut valued at $5bn ahead of new funding round

The launch comes ahead of a fresh round of funding for Revolut, which is reportedly set to value the company at $5bn (£3.85bn).

Rival Starling yesterday secured further funding of £60m, while Monzo and Monese are also said to be nearing new funding rounds as competition for investor cash heats up.