The beta launch of Revolut For Business by the Canary Wharf fintech company Revolut has attracted thousands of customers in 24 hours.
Due to launch fully late in 2016, the Level39 firm rolled out a beta version of the product, which saw thousands of companies signing up, with an estimated transaction volume of €2.4billion per annum.
It is targeted at helping British and European companies manage international payments, payroll and corporate travel.
According to Revolut , it will bring interbank exchange rates and “significant cost savings” to the business travel and international payments market, claiming that traditional providers lose market share by being slow, expensive and lacking in transparency.
Revolut founder and CEO Nik Storonsky said: “We launched Revolut in July 2015 to rewrite the rules of the foreign exchange industry and provide a transparent, low-cost platform to move and manage money globally in multiple currencies. Revolut for Business is about delivering the same promise to businesses.
“We knew it would be popular as people have been asking us for business accounts for a long time, but even we were blown away by this level of interest.”
The business platform will be offered in conjunction with the Revolut App and multi-currency MasterCard.
Available on iOS and Android, the Revolut app allows users to set up an account and instantly exchange currencies at inter-bank rates, send currencies globally via social networks, email, text and spend with a globally accepted multi-currency MasterCard.
Since the Revolut app launched in July 2015, it has attracted 330,000 active users who have transacted over $1billion.
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