Revolut launches Revolut Pro

Wednesday 21 September 2022 12:03 CET | News

Revolut, a financial super-app, has launched Revolut Pro, an income, payment, and expense management account withing the Revolut retail app.

Revolut Pro is addressed to freelancers, sole traders, contractors, and self-employed individuals looking to manage business funds more easily.

Initially launching in the UK and seven other European countries, Revolut Pro is a free account with no monthly fees, and no deposit or balance requirements. The account can be created in under two minutes within Revolut’s app and offers a 1% cashback debit card. It also enables users to send transfers or instant payments to external banks as well as other Revolut accounts. With Revolut Pro, customers can manage their business funds without needing a fully-fledged business account.

Revolut Pro enables multi-currency payments with a physical or virtual card, Google Pay, and Apple Pay, in addition to money transfers. As businesses and consumers increasingly use digital payments and cards instead of cash, Revolut Pro enables independent professionals to instantly accept payments online with QR codes, payment links, and by generating invoices and tracking their payments.

Revolut and the gig economy

Revolut Pro is one of a number of offerings Revolut provides for business owners, enabling them to take control over their finances. Those with advanced needs can create a Revolut Business account, which provides additional features for businesses including team management, bulk payment options, API integrations, and connections with business and accounting apps.

Revolut, a financial super-app, launches Revolut Pro, an income, payment, and expense management account withing the Revolut retail app.

The world of work is becoming more flexible. 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. Legacy banks have been slow to develop services to meet the evolving needs of the modern flexible worker who often require more sophisticated services than retail or consumer accounts but cannot afford or do not need the complexity of a full business account.

Revolut and the cyberattack

Revolut has also confirmed it was hit by a highly targeted cyberattack that allowed hackers to access the personal details of tens of thousands of customers. An unauthorised third party obtained access to the details of a 0.16% of Revolut’s customer, which means around 32,000 customers.

According to Revolut’s breach disclosure to the authorities in Lithuania, the company says 50,150 customers were impacted by the breach, including 20,687 customers in the European Economic Area and 379 Lithuanian citizens.

The disclosure states that the threat actor used social engineering methods to gain access to the Revolut database, which typically involves persuading an employee to hand over sensitive information such as their password. The company also warned that the breach appears to have triggered a phishing campaign and urged customers to be careful when receiving any communication regarding the breach. The startup advised customers that it will not call or send SMS messages asking for login data or access codes.

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Keywords: product launch, super app, payments , retail, cashback
Categories: Banking & Fintech
Companies: Revolut
Countries: Europe, United Kingdom
This article is part of category

Banking & Fintech


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