Why hasn’t my business been approved yet?

Revolut Contributor

 · 12/19/2019  · 12/19/2019

by Jen Johnson, Revolut Contributor

It’s not you, it’s me. We’ve all heard the line, but somehow it never rings true. You’re left wondering if you said something wrong or came on too strong...

Here at Revolut, we’re eager to support a diverse range of companies from all sorts of industries. But as a financially regulated institution, we’re unable to onboard certain types of business. If your company falls into one of these categories, or if there’s an issue with your documentation, your Revolut Business application may have been rejected.

Don’t worry – we’re not about to ghost you. Below we’ve outlined some common reasons applications aren’t successful and we go over what your next steps are. Chances are, we can work it out.

Your industry is not supported

Our business accounts aren’t available for certain types of company – and this applies to both corporate and freelancer accounts. We won’t approve applications from gambling firms, weapons manufacturers, art dealers, cryptocurrency outfits and unregulated lending businesses, among several other types.

You can make sure your industry is supported by checking this list.

Your entity type is not supported

Revolut’s business accounts are currently available for the following types of company:

  • Private limited company (LTD)
  • Public limited partnership (PLC)
  • Limited liability partnership (LLP)
  • Partnerships
  • Sole traders & freelancers
  • Unlimited companies

We're working on supporting as many business entities as we can, but right now we’re unable to offer accounts to charities, associations, funds (such as venture capital funds), public sector companies, trusts, SPVs, foundations or cooperatives. But watch this space – we could be branching out in the near future.

Open a business account today

Revolut Business isn’t available in your country (yet!)

Our business account is currently available for companies registered in and with a physical presence within the European Economic Area (EEA) and Switzerland. We’re also getting ready to expand into the US soon – and you can join the waitlist here.

For now, it’s essential that applicants can prove they’ve got a physical presence in the EEA or Switzerland. This is why we ask for evidence of your operating address.

There are a number of different documents you can use as proof, though we’d prefer to receive:

  • The rental agreement for your office (duration of the agreement should be at least six months and the agreement must be valid on the day of onboarding);
  • Three consecutive invoices and the contract from a co-working space provider (must be valid on the day of onboarding);
  • Utility bills e.g. electricity, water, landline telephone bills; or
  • An employee payslip with proof of the employee's address in the EEA or Switzerland in addition to their ID showing their right to reside in the EEA or Switzerland.

We also accept a number of other documents  – such as a bank statement (as long as it’s not from a digital bank) or a National Companies Registry extract that includes your operating address. However, we may get in touch to ask for some clarification on these.

If you work from home, you can use your personal address when applying for a Revolut Business account. In this case, we’ll accept your TV licence documentation, rental payment confirmation, government correspondence or your rental agreement.

All proof must be dated within the last three months.

We’re planning to expand all over the world in the near future. If you register your interest with us, we'll get in touch when Revolut Business is available where you are.

Why hasn’t my application been approved yet?

We know – delayed replies can be stressful. If you’ve applied for a Revolut account and haven’t been approved yet, there might be a minor issue with some of the information you’ve provided. In some cases, we require additional documentation to support your application. If this is the case, we’ll be in touch to let you know what we need.

Sometimes the paperwork you’ve given us might not meet our acceptance criteria. It may be out of date, not signed or it might be the wrong type of document. There’s also the chance that you’ve made a small mistake in your application. Things like broken website links, incorrect address information or company details that don’t match registries are all common errors. Thankfully, it’s easy to put these things right and get your application back on track again.

Lastly, there could just be a backlog of new applications that our team is working to review. Sit tight: we’re not going to leave you on read for much longer.

Open a business account today