Revolut for Business: Company and Freelancer Accounts Reinventedby Fintechnews Switzerland December 16, 2019
In 2017, digital banking startup Revolut launched business accounts in Europe, promising small and medium-sized enterprises (SMEs) in the region a banking product that saves them both time and money.
Revolut for Business, the company’s business offering, comes with a number of benefits and features designed to make it easier for business owners and freelancers to manage their finances. Not only that, the offering also promises fairer fees than incumbents.
Revolut’s business customers have access to GBP and EUR account details for seamless payments, an unlimited number of physical and virtual multi-currency corporate cards that are manageable directly through the app, as well as an array of features that allows them to easily manage their payments, employee expenses, make automated and bulk payments, receive real-time notifications, and more.
The business accounts also allow customers to hold, send and receive funds in up to 28 currencies, and make cross-border payments at the interbank exchange rate in over 150 currencies.
Revolut’s packages for businesses
Revolut offers plans for both companies and freelancers. For both categories, customers can opt for the basic free package which only allows for five free local transfers, and up to two free team members (for the company package). With these plans, customers will have pay a fee for international transfers, and foreign exchange (forex) transactions.
The most popular package for companies is the Grow package, which costs GBP 25 a month and allows for up to ten free team members, 100 free local transfers, 10 free international transactions and GBP 10,000 worth of forex transactions at the interbank exchange rate.
Revolut’s largest company plan, Enterprise, costs GBP 1,000 a month and comes with unlimited team members, transfers (local and international), and forex transactions at the interbank exchange rate.
For freelancers, besides the free basic plan, Revolut offers the Professional package which costs GBP 7 per month and allows for 20 free local transfers, five free international transfers and GBP 5,000 worth of forex transactions at the interbank exchange rate.
Signing up to Revolut for Business
Like its personal account product, the sign up process for a Revolut business account has been designed to be seamless, quick and easy.
To open an account, users need to fill a short online application form that takes about 5 minutes. They need to provide their business email, cellphone number, and basic identity details, as well as confirm their registered and operating address.
Depending on the type of account they are looking to open (company or freelancer), applicants are then required to provide different information and documents.
For a freelancer account, they need to provide their name, address, a photo of their ID and a selfie so that Revolut can carry out a quick identity check. They also need to give a short description of what their business does and where.
To open to corporate account, however, applicants need to provide additional information. Revolut requires:
- Basic incorporation details such as registered name, legal form, address of registration, trading name, registration date and incorporation number. The easiest way to confirm these information is to simply send Revolut either the most up-to-date incorporation certificate or registry extract.
- The applicant’s name, address, a photo of their ID and a selfie. If the applicant is not a director or shareholder of the applying business, Revolut needs a Power of Attorney confirming the applicant’s right to set up an account in the business’ name.
- A description of what the company does and where; and
- Basic details about the shareholders/directors of the company, who will also undergo an identity check.
Once the application has been submitted, applicants join a short queue. The Revolut team then reviews their application and may reach out to the applicant to confirm a few details about their business, and in some circumstances, demand additional documents. Revolut says it usually takes between one and seven days to open a business account.
Revolut for Business is currently available for companies registered in and with a physical presence within the European Economic Area (EEA) and Switzerland, but the company is planning to expand outside of these countries soon.
Founded in 2015, Revolut is a leading fintech company headquartered in the UK that offers banking and financial services through a mobile app. With 8 million customers, Revolut is Europe’s largest challenger bank.
Revolut has embarked on a global expansion plan and launched in Singapore in October 2019. The startup has been reportedly looking to raise US$1.5 billion and has hired JP Morgan to conduct the round. If successfully completed, the fundraising would push the company’s valuation to between US$5 billion and US$10 billion.
You can open your account here and you will get 10EUR credit.