Financial super app Revolut has launched Revolut Pro, an income, expense and payment management account for self-employed workers.
“The world of work is becoming more flexible,” the U.K.-based company said in a news release Wednesday (Sept. 21).
“Workers are increasingly choosing to work for themselves, as freelancers or in the gig economy. Businesses are increasing their freelancer budgets in the UK. Meanwhile, nearly one in six working adults are estimated to now work in the gig economy at least once a week.”
Initially debuting in the U.K. and seven other countries in Europe, Revolut Pro is free and lets customers manage their business funds with no need for a fully-fledged business account.
The tool allows for multi-currency payments with a physical or virtual card, Google Pay and Apple Pay, as well as money transfers.
“As businesses and consumers increasingly use digital payments and cards instead of cash, Revolut Pro enables independent professionals to instantly accept payments [either in-person with Revolut Reader or] online with QR codes, payment links, and by generating invoices and tracking their payments,” the company said.
According to a recent report from PYMNTS and Onbe, hiring freelancers can be vital to ensuring productivity and stopping burnout.
However, this only works if those freelancers are paid accurately, on time, and via the payment method they prefer. Forty-one percent of freelancers surveyed said they desired biweekly or weekly pay instead of monthly pay or payment upon completion of their contract.
Earlier this week, Revolut debuted its Pay Later product in Ireland, where the company has nearly 2 million account holders.
Revolut launched the installment product after first piloting it with a select group of customers in the country in June, more than 1,000 of whom purchased products and services with Revolut Pay Later.
“From assisting budgeting to managing cash flow, we’ve had great feedback and stories from our customers who have used Pay Later as part of the early rollout, and we look forward to hearing more,” said Revolut Europe CEO Joe Heneghan.
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