Fintech app Revolut has launched Revolut Business in Singapore, offering firms access to multi-currency accounts, virtual and physical debit cards, real-time spending reports and fee-free foreign currency exchange at the mid-market rate up to a monthly limit across four price plans: Basic ($1,500), Grow ($13,000), Scale ($60,000) and Enterprise ($250,000).
Businesses will get full financial control with corporate cards, custom spending rules and automated accounting on the B2B payments platform, says the UK-based fintech.
According to an Aug 6 announcement, the Basic plan does not have a recurring charge and is for businesses to get started with the platform’s core features. James Gibson, head of Revolut Business, tells The Edge Singapore that this free plan is aimed at start-ups and smaller companies.
“Starting a business is no easy feat and there are multiple challenges that a business owner has to grapple with. The aim of introducing the Basic plan is to give these business owners a streamlined, easy to use platform equipped with the core features to effectively manage their business finances,” says Gibson, who is based in New York.
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Firms on the Basic plan can provide cards to their employees and make up to five fee-free local transactions per month. They can also enjoy fee-free currency exchange at the interbank rate for the first $1,500 per month, while transfers to other Revolut accounts remain fee-free.
These firms can also use multi-currency accounts, where they can hold more than 25 currencies and make recurring and scheduled payments locally and overseas.
According to Revolut, firms can use the Basic plan indefinitely and there will be no forced upgrade. “However, Revolut reserves the right to change the pricing and plans in the future and will notify customers of any change in advance.”
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When businesses exceed the monthly fee-free foreign currency exchange allowance, a 0.6% markup will apply. Larger firms can sign up for a free, three-month trial of either the Grow or Scale plan, which are priced from $15 and $84 per month respectively. Businesses that opt for an annual plan will enjoy a discount of up to 20% after their three-month trial.
Meanwhile, firms on Revolut Business’ highest-tier Enterprise plan can enjoy 50 fee-free international transfers, at a monthly charge from $417. Firms on all three paid plans will also be able to make bulk payments, paying up to 1,000 payees at once across multiple currencies.
First launched in 2017, Revolut Business is available for companies that are registered with a physical presence in over 40 markets, including Australia, France, the UK and the US.
Revolut Business claims to process GBP13 billion ($21.89 billion) worth of transactions globally each month, and onboards 20,000 enterprises on average monthly. To date, Revolut Business claims to have “hundreds of thousands of monthly active businesses worldwide”.
According to Gibson, Revolut Business’ top markets are the UK, Italy and France. “That growth is accelerating across the European Economic Area, where we are seeing huge demand and are developing a stronghold.”
Asia’s first market
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Singapore is Revolut Business’ first Asia market, and the company claims over 1,500 firms are on its waitlist. Raymond Ng, CEO of Revolut Singapore, says these businesses are mostly small- to medium-sized enterprises (SMEs) “from a wide range of industries” including software, e-commerce, travel, manufacturing and more. “We are also seeing strong demand from global players who have been using Revolut Business in other markets and have a presence in Singapore.”
Ng, who joined Revolut in August 2022, says the app saw 77% growth in total customers here in 2023, while customers on Revolut <18 — its app for children aged six to 17 — tripled last year.
This is Revolut’s fifth year in the Singapore market. According to Ng, the launch of Revolut Business will help Singapore’s SMEs grow their businesses beyond the country.
“We are seeing significant demand for launching Revolut Business in Singapore from many local businesses, as well as from our existing clients in Europe, America and Australia who operate in Singapore,” says Ng.
The tech veteran, who previously held positions at Microsoft, Visa and Mastercard, adds: “We are offering four different plans because we understand that each business is unique and has different needs and ambitions. What they all have in common is the need for a cost-efficient, tech-first banking solution, which will help them focus on their business and spend less time on admin. We want to provide businesses in Singapore with the option to choose the right plan that is tailored to their business needs.”
Anti-money laundering steps
With Singapore’s recent anti-money laundering crackdown, Gibson reiterates Revolut’s “rigorous” onboarding process, which includes “a range of human and digital checks” that have been localised for the Singapore market.
“We have stayed ahead of the curve and invested in cutting-edge technology as well as implemented robust security measures in our platform. Recognising the critical role of human intelligence in fraud detection and prevention, alongside cutting-edge technology and AI, Revolut is committed to tackling the rising threat of financial crime and fraud with a 360-degree approach,” says Gibson.
He adds that Revolut’s financial crime prevention team is made up of “over 4,000” staff — nearly half of Revolut’s workforce — “dedicated to fighting fraud and financial crime”.
According to Revolut’s website, firms from a list of industries are not permitted on Revolut Business, including cryptocurrency brokers and dealers, auction houses, fine art dealers, foundations, non-profit organisations, religious organisations, oil and gas sectors and insurers, among others.
As a leading international trade hub, Singaporean businesses are intricately woven into the global economy, conducting billions in transactions annually across diverse currencies, says Ng.
“Yet, the complexities of managing foreign exchange (FX) transactions introduce significant costs and inefficiencies, stifling their competitive edge. By offering transparent, cost-effective, and technologically advanced payment solutions, we aim to reduce the unnecessary costs that Singaporean businesses incur on FX transactions. Beyond financial savings, it’s about enhancing their ability to compete and succeed on the global stage.”
Photos: Revolut
