Revolut has launched two new business banking accounts with no monthly subscription costs, targeted at a “new generation” of start-ups and freelancers.
The UK fintech disruptor has also introduced changes to the pricing structure of its existing business accounts, which will be based on a customisable pricing model.
More than 100,000 customers have signed up to its business banking services across Europe since they were launched in 2017.
Revolut for Business product owner James Gibson said: “We understand first-hand how frustrating it can be for ambitious entrepreneurial businesses to get the support they need to kick off their journey to success.
“Using our own experience, we’ve developed a brand new free offering which will save our customers time, money and give them the flexibility and control they need to operate both locally and globally.
“Our businesses are the beating heart of the economy and we’re so excited to be able to do our bit to support them.”
Revolut business banking accounts can be tailored to individual business needs
Revolut says it wants to “democratise access to business accounts” and to help start-ups get up and running and pursue their global ambitions.
It has identified cross-border payments and flexibility of use as key ingredients for this new breed of accounts for young businesses seeking to navigate a “fast-changing world” and “growing global uncertainty”.
The new pricing structure gives users the option to tailor the individual features of their plan, and make changes to it at any time to suit the evolving needs of their business.
An existing feature of Revolut’s business banking proposition is a multi-currency account, which enables firms to hold, receive and exchange 28 different currencies without facing bank charges.
It also features flexible and automated payment options for multiple transactions and expensing, as well as integration with business management tools like Slack, Xero and FreeAgent.
Revolut business banking expansion the latest stage of its growth
Expanding its range of business banking products is the latest move by Revolut as it looks to continue is rapid growth trajectory, and to scale up its operations internationally.
Last month it announced the first phase of its global expansion plans with a move into the Australian market, where it has so far onboarded 20,000 new customers.
CEO Nikolay Storonsky recently spoke about his firm’s future ambitions, which include following the likes of Monzo and N26 into the US market as well as a fresh round of venture funding, expected later in the year.
