Revolut Business is celebrating two huge milestones this month – we turned the grand old age of five, and hit £100B in total transactions processed.
We’ve come a long way since we launched in 2017, when I worked as a customer support agent and the entire Business team could fit in a single room.
Today, hundreds of thousands of businesses across Europe and the US rely on Revolut Business to manage payments, sales, FX, and employee spending.
I wanted to take this opportunity to recap our journey so far, and tease what’s coming next from Revolut Business.
What we offer businesses has evolved
We initially launched in the UK and Europe, and last year we launched in the US too. From day one, we wanted to build a product that worked for businesses of all shapes and sizes, and not just focus on one segment.
That said, at the outset most of our customers were quite small companies – typically single-person or micro-enterprises. As we’ve evolved, so has our customer base, and now we’re increasingly serving larger and more complex companies; our typical customer now has 5-50 employees.
Our core offering to businesses today is:
- Payments and Sales: accept and make payments all in one place
- Team and Spend: simplify your spend management and stay in control
- Foreign Exchange: exchange money at competitive rates
As we’ve grown, so have the needs of the businesses we serve – and we've expanded these product areas considerably. For example, when making payments, you can now can send via many payment routes and rails, schedule and track payments, send through our API, and add expense details. And you can accept payments via invoices, payment links, QR codes, local account details, and our API. All these developments have moved us beyond simply being an online business account – we’re now a complete financial operating system for businesses.
We’ve also improved lots of underlying basics along the way, like adding a mobile app alongside our desktop version, allowing simpler ways to login (with a QR code), and adding dedicated account managers for our Enterprise plans.
We’ve added a range of larger products to help businesses manage their money: everything from spend management software, through to payment acceptance terminals; from Crypto for Business to Payment Links; from FX forwards through to Payroll (both UK only for now – but watch this space!).
One area has surged significantly: our Spend Management software, designed to help businesses understand and control their spend. The growth so far has been immense, with the number of cards issued per day doubling in the first six months of 2022. This month we’ll be launching Analytics too, allowing customers to slice and dice their spend easily, with more in-depth spend control and forecasting features to follow.
Our enhanced product offering, evolved over five years, means demand for our services has never been higher. Every month, our £100B transaction volume is growing by approximately 10%, and more than 6,500 new active businesses join us.
Looking at the industry as a whole, it’s exciting to see the standards of business accounts developing considerably, with businesses finally being offered technology to make their lives significantly easier – a trend which will only accelerate over the next five years.
Looking ahead – our future plans
So – what got us to this point? Listening to our customers. We remain laser-focused on our customers' needs and wants. It enables us to produce world-class products that meet actual customer pain points and bottlenecks.
With this ethos, we’re continuing to grow our product suite, with particular focus on launching new features in areas our customers need:
- Spend management and FP&A: making it easier to understand, forecast, and control your spend
- Borderless payments: simplifying making payments locally and around the world
- Accepting customer payments: making it possible to accept and make all your payments in one place
We’re also working in the background on two new areas:
- Treasury: helping businesses make more from their money, and de-risk their business in an uncertain global climate
- Credit: helping businesses with funding tailored to their business
Ultimately we want to serve the financial needs of businesses of all sizes – and these two areas will be a big step in making this a reality. We’ve got some exciting announcements on this in the coming weeks and months – so keep your eyes peeled! We’ll be covering them all in due course.
It’s been great to look back at how far we’ve come, but now our teams are fully focused on the next five years. And we’re just getting started.