Revolut Launches Revolut Business in Singapore
In Singapore, Revolut Business is launching with four plans - Basic, Grow, Scale and Enterprise, catering to businesses of all sizes.
Topics
Revolut, the global fintech company with more than 45 million customers worldwide, announced the launch of its business-to-business (B2B) offering, Revolut Business, in Singapore, its first market in Asia.
Revolut Business will give Singapore companies of all sizes access to fast, affordable and efficient solutions to help them manage their finances and transform the way they do business globally.
Revolut Business provides businesses with a one-stop, easy to use money management solution that enables them to spend less time on admin and more time focused on what’s important – their business.
Now live in over 40 markets, Revolut Business improves how businesses manage payments, control spending and empower their teams. Revolut Business processes £13 billion (S$22.3 billion) worth of transactions globally every month and is growing exponentially, onboarding 20,000 enterprises on average each month.
To date, Revolut Business has hundreds of thousands of monthly active businesses worldwide, using its platform to more effectively manage their business finances.
The B2B payments platform is designed to help businesses around the world scale and save – with global payments and smarter spending, available via web and mobile. Revolut Business offers a wide range of features including multi-currency accounts, virtual and physical debit cards, real-time spending reports, and the ability to set up and manage multiple users.
The platform also seamlessly provides businesses with the ability to hold over 25 currencies and access over 150 currencies at the interbank rate, with no hidden costs, enabling them to save money on international transactions and expand their reach to partners around the world. Businesses will get full financial control with corporate cards, custom spending rules and automated accounting.
In Singapore, Revolut Business is launching with four plans – Basic, Grow, Scale and Enterprise, catering to businesses of all sizes. In all of the plans, businesses can access unlimited foreign currency exchange at market-leading exchange rates, and experience up to S$1,500 (Basic), S$13,000 (Grow), S$60,000 (Scale) and S$250,000 (Enterprise) per month in fee-free foreign currency exchange at the mid-market rate.
When businesses exceed the monthly fee-free foreign currency exchange allowance, a 0.6% markup will apply.
The Basic plan does not have a recurring charge and is for businesses to get started with the core features. For the paid plans, businesses can choose to pay monthly or enjoy greater cost savings of up to 20% with an annual payment. The Grow, Scale and Enterprise plans are priced starting from S$15, S$84 and S$417 per month respectively.
Since its launch in 2019, Revolut in Singapore has seen strong momentum and growth. Its annual revenue in Singapore more than doubled (110%) between 2022 and 2023. Revolut is also seeing exponential adoption of all its products, including Wealth & Trading and Revolut.
In fact, it saw the user growth for Wealth & Trading quadruple between May 2023 and May 2024. In 2023, Revolut launched a new product/feature every two months, on average. These spanned across various categories, meeting all money management needs and becoming an everyday app for all Singapore users, beyond just travel.
Off the back of its success in the retail space, Revolut Business in Singapore is already seeing strong demand with over 1,500 businesses on its waitlist. To celebrate the launch, Revolut will be offering Singaporean businesses a three month trial of either the Grow or Scale plan.
James Gibson, Head of Revolut Business, said, “We have seen 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. Singapore’s growing economy and business-friendly environment continue to attract companies of all sizes, and we consistently hear that these businesses feel underserved by legacy banks and want a tech-first banking solution.
Revolut Business addresses current pain points experienced by Singapore businesses head-on. Launching Revolut Business in Singapore is a pivotal step in empowering local businesses to navigate the complexities of global payments. We have created a cutting-edge, seamless and affordable solution that will empower businesses of all sizes to grow and succeed. We are excited to bring our product to Singapore, and to be helping more businesses in the region focus on their business, not their banking.”
