Thousands of companies have signed-up for Revolut Business in less than 24 hours, with an estimated transaction volume of €2.4 billion !
Revolut Business, due to launch later this year, is targeted a helping British and European companies manage international payments, payroll and corporate travel.
Banks are underserving and overcharging businesses:
Revolut Business will bring interbank exchange rates and significant cost savings to the business travel and international payments market. Traditional global payment providers are losing market share because they have a tendency to be slow, expensive and lack transparency. Of five surveyed UK banks*:
The average cost to transfer £1,000 to Europe was £73.20 (advertised cost: £17.20).
The average mark-up on the exchange rate for GBP-EUR was 6%.
76% of the average cost of the transfer was hidden in exchange rate mark-ups.
Small businesses and consumers across Europe are being caught out by currency conversion spreads. Check out the comparison below for sending £1,000 to Europe:
Revolut aims to cut hidden banking fees to zero. Nik Storonsky, Founder and CEO of Revolut, explains: ‘We launched Revolut in July 2015 to re-write the rules of the foreign exchange industry and provide a transparent, low-cost platform to move and manage money globally in multiple currencies. Revolut Business is about delivering the same promise to businesses.’
The business platform will be offered alongside the Revolut App and multi-currency MasterCard©. Available on iOS and Android, the Revolut app allows users to set up an account in seconds and instantly exchange currencies at inter-bank rates; send currencies globally via social networks, email, SMS; and spend with a globally accepted multi-currency MasterCard©.
Since launch in July 2015, the app has 330k active users who have transacted over $1bn. These transactions are growing at an average of 36% every month with 1,500 new customers joining every day.
Register for our Beta product for businesses and give us feedback on our product roadmap here.
*Survey of RBS, Natwest, HSBC, Barclays and Lloyds carried out on 22nd August.