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After individuals, place for businesses. In full swing, Revolut continues to develop new products to win over individuals and professionals. Alongside the announcement of the arrival of flexible accounts on Revolut Business, its General Manager James Gibson gave us an exclusive interview. The opportunity to make a review of the activity of the professional branch of the company and discover its future projects.
« We prepare loans for businesses »
In an uncertain economic context, small, medium and ( to a lesser extent) large companies seek to secure their cash flow. By launching flexible accounts (allowing a return of up to 5% on low-risk products) Revolut Business is taking a first step towards its several hundred thousand professional customers.
“ We want to help companies increase their cash level, without making them take big risks,” explains James Gibson. It is for this reason that the products offered in flexible accounts have limited risks but attractive returns». Better still, the company's biggest clients can even “negotiate more profitable conditions”.
But “Flexible accounts are only the first step” confides James Gibson. To support customers as best as possible, Revolut Business is preparing to help them during less prosperous times and hard times.
“We are currently developing a credit offer for businesses” promises the General Manager of Revolut Business. “But credit issues are always very complex, particularly due to strict regulations” he continues. Nothing to scare the bank which has managed to establish itself as a reference in a few years.
Revolut Business could have already offered credit to businesses by entering into a partnership with a third party entity (as is often the case with neobanks offering credit). “ Experience has taught us that a product is better mastered and more appreciated if it is developed in-house ” explains -he. Business credits will therefore be entirely designed and managed by Revolut.
200% Deposit Bonus up to €3,000 180% First Deposit Bonus up to $20,000« Becoming the main bank for businesses »
This announcement comes a few days after the publication of Revolut’s excellent results. Although the share of the Business branch will be known later in the year, James Gibson confides that the growth of Revolut Business is faster than expected.< /p>
Born 7 years ago, (3 years after the general public offer) Revolut Business has already managed to conquer several hundred thousand users including 50,000 in France.More than half opted for a paid plan (at least 19 euros per month). “Professional banking customers are less hesitant to pay for a bank, they see it as an investment that saves them time and therefore money”.< /em>
This growth can be explained by several factors: the Business branch can already benefit from the 45 million retail customers who have subscribed to an offer Revolut around the world. The neobank can also rely on its international dimension, with, for example, fee-free transactions in different currencies with high amounts.
Finally, Revolut Business benefits from the entire banking ecosystem.Its application is very easy to use, operations are carried out in a jiffy and the product offering is expanding quickly.
Remains that “Professional customers are more demanding” admits James Gibson, which prevents Business from growing as quickly as the retail offering. « European businesses are used to trusting a bank that centralizes all their operations, from the current account to loans, so it is more difficult to convince them to change banks  ;» he admits.
But with a brave heart nothing is impossible. “ We intend to rely on our know-how and our new products to conquer new businesses ” continues James Gibson. And continue:
Our strength is that, unlike most of our competitors, we have the infrastructure to accommodate all types of companies, including very large ones, operating on an international scale.
The Revolut Business adventure is therefore only just beginning. Like the consumer branch, Revolut Business's objective is clear: “We want to become the main bank for businesses” concludes James Gibson. An ambitious but not impossible goal.
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