Revolut launches multi-currency service across Europe
UK-based payments start-up Revolut has unveiled its new business service across Europe for multi-currency accounts, transferring money and corporate cards.
Called Revolut for Business, it will enable companies to hold, exchange and transfer in 25 currencies with the interbank exchange rate, issue employees with corporate cards for “global fee-free spending” and manage their transactional activity real-time through an online platform.
The idea is very similar to TransferWise’s one, which last month unveiled its “Borderless” account with the promise that it works like a local bank account in different countries. There is also a new pan-European banking service – Ditto – being prepped by Travelex.
So far, Revolut says more than 12,000 businesses have pre-registered, ranging from FTSE100 to start-ups. Businesses will have the option to choose from three packages, ranging from £25 to £1,000 per month, with the first month free.
Additional features will include free and instant money transfers between companies, real-time spending notifications and customer support.
Revolut, which launched in 2015, says it has acquired more than 660,000 customers with its consumer service, allowing customers to open a current account in three minutes, exchange currencies with the interbank exchange rate, make free international money transfers and spend fee-free in 90 currencies with a contactless Mastercard.
The firm was founded by Nikolay Storonsky, a former trader with Credit Suisse, and Vlad Yatsenko, a former developer with Deutsche Bank.
Rita and Lithuania
In February, Revolut unveiled its “human-like” chatbot, Rita, to answer customer queries. Rita – which stands for “Revolut’s Intelligent Troubleshooting Assistant” – is accessible via the mobile app’s messenger support service.
Last year, Banking Technology was invited to a fintech tour of Lithuania. During that trip, the Bank of Lithuania discussed its memorandum of understanding with Revolut. The firm intends to set up a financial institution in the country and obtain a banking licence.