Revolut may have made its entrance on the payments stage with a consumer solution, but the company is stepping into the world of corporate finance. Reports Tuesday (June 13) said Revolut, which first launched in the U.K. in 2015 with a prepaid card linked to a mobile app, is gearing up to launch a corporate solution.
To be released in the U.K. and Europe, Revolut is rolling out multicurrency accounts for companies to support their cross-border payments needs. Businesses can hold and transfer money across 25 currencies supported by the solution via interbank transfers.
“Additional features will include free and instant money transfers between companies that are signed up to Revolut for Business, real-time spending notifications [and] dedicated customer support,” the company announced.
Reports said the B2B solutions are helping Revolut compete against Transferwise, which also released a similar solution for companies that need to make cross-border payments. But Revolut differs in that it will offer businesses the account for free; there will be fees associated to transfers out of the account as well as monthly fees, reports said.
Revolut had stepped into the corporate payments space before by linking its prepaid cards to employees, offering spend visibility for employers.
This year the company announced plans to crowdfund more than $5 million in venture capital via Seedrs as it geared up to launch Revolut Premium, a subscription service for consumers to make unlimited money transfers for a monthly fee. The company is also planning global expansion into the U.S., Australia, Singapore and Hong Kong.