It is now almost two years since digital bank Revolut became Britain’s first so-called “unicorn” fintech company (valued at more than $1 billion).
Revolut vaunts the fact that it is “not a traditional bank” – it operates purely online, does not handle cheques or cash, and offers no telephone advice. In legal terms, it is an electronic money institution.
That’s what makes Revolut a fintech – distinguished from a traditional financial institution by the speed with which it can react to the market and how it invests in its products and services.
For all the differences between a fintech and a traditional bank, however, a Revolut for Business account is designed to offer services which may effectively replace those of a conventional business bank account.
Although it is an electronic money institution rather than a bank, Revolut has nonetheless acquired its European banking licence – issued by the European Central Bank – and its application for a UK banking licence is pending.
The bank is a champion of – and the British forerunner – of the “mobile wallet”. A mobile wallet that is protected by the full range of the UK’s e-money regulations and card transactions safeguarded by the usual Mastercard and Visa rules and defences.
Revolut for Business is designed to offer a seamless banking experience. In addition to its physical cards, its systems are specially engineered to maximise the use of the many online tools that are currently available – tools such as Xero’s accounting applications, Monday.com and Slack (which coordinates real-time conversations with Monday.com’s money management programs).
Revolut claims to be the only online business account to offer end-to-end expense management. Its accounts facilitate automatic bulk payments – whatever the size of your business or the amounts you want to pay.
Access to accounts through user permissions and payment approval security systems provide a clear audit trail when actions are performed by your business partners and colleagues.
Revolut aims to provide business banking that moves at the same pace as your growing business. Innovative products – suited to contemporary businesses – are combined with traditional features such as unique business and personal accounts and borrowing options for your business.
It is free to open a Revolut or Business account and it may handle denominations of money in 28 different currencies.
Revolut proved to be one of the fastest-growing fintech banks in Europe. Its quest for innovation and still further development remains unabated – a thirst to become better and better at the job it is already doing.
Planned new features, for example, include the provision of overdrafts and direct debit on its business accounts – all designed to achieve ever-more integrated banking.
Although it provides entirely online banking, there is human support available to field questions about your account.
Whether or not Revolut secures its UK banking licence and formally adopts a name describing itself as a “Bank”, it continues along the path of innovation to deliver an alternative banking experience that is second to none.
On the thorny question of Brexit, for example, Revolut has announced that it is prepared for any changes that may be in the offing, is ready to minimise any disruption and committed to protecting your account.