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Revolut Business launches in Australia

Thursday 18 May 2023 10:26 CET | News

Global financial superapp Revolut has announced the launch of its Revolut Business product in Australia to support SMBs amidst the cost-of-living crisis.

 

Revolut Business will provide companies no matter the size with access to fast, affordable, and efficient solutions that aim to assist them with managing their finances and bettering the way they do business worldwide.

Revolut Business and what it entails for Australian SMBs

Live in 40 markets, Revolut Business helps better how businesses of all sizes manage payments, control spending, and ‘empower’ their teams. Per the information detailed in the press release, the B2B payment service provides a wide array of features including multi-currency accounts, virtual and physical debit cards, real-time spending reports, together with the ability to set up and manage multiple users.

Furthermore, the platform offers businesses safe and secure access to international currencies at real exchange rates, enabling them to save money on international transactions. Revolut Business looks to provide businesses with an easy-to-use money management solution that lets them spend less time on admin and focus more on their business.

Revolut has announced the launch of its Revolut Business product in Australia to support SMBs amidst the cost of living crisis.

As detailed in the announcement, Revolut Business is launching in Australia with its Grow and Scale plans which provide businesses with up to AUD 75,000 (approximately USD 49,800) per month in foreign currency exchange at competitive exchange rates. What is more, the Grow and Scale plans are priced at AUD 25 (USD 16) and AUD 100 (USD 66) per month respectively, and, in line with the launch, Revolut is set to provide Australian businesses with a three-month trial of either plan.

Following the 2017 UK launch of Revolut Business, Revolut developed 20 products that aim to assist businesses looking to increase conversions and manage business finances in a more effective manner.

Commenting on this, James Gibson, Head of Revolut Business advises that globally, Revolut Business has seen a fast rate of growth, with over 10,000 new businesses joining and carrying out payments leveraging the product monthly. Per their statement, Australia-based businesses have long demanded payment services that fit the 21st century, and the company is looking forward to activating in the region and providing Australian businesses of all sizes with a simple and affordable solution that saves them both time and money and looks to enable them to survive and thrive in any market conditions.

Matt Baxby, CEO of Revolut ANZ added that yearly, Australian businesses pay over USD 5 billion in excess foreign exchange costs associated with international transactions, saying that the current cross-border business landscape is cumbered with high fees and complex ways of working, a problem that the introduction of Revolut Business looks to address. The company is looking forward to providing companies with an affordable way to operate borderless businesses at a time when they need it most, to enable them to grow and succeed.

Per the press release the introduction of Revolut Business marks the latest addition to Revolut’s Australian suite of financial products, which includes a money management app and a suite of investment and travel features designed to increase the simplicity and security of consumer money sending, spending, and saving both at home and abroad.

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Keywords: product launch, payments , B2B payments, financial services, super app, cross-border payments, fintech, debit card, spend management, FX , transactions , SMEs, ecommerce, investment, Revolut, neobanks
Categories: Banking & Fintech
Companies: Revolut
Countries: Australia
This article is part of category

Banking & Fintech

Revolut

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