The Business division of Revolut app has decided to launch the new BillPay service that allows client companies to simplify their banking operations. Revolut Business has stated that it exceeds 450 million euros in annual global revenues.
Revolut app and the launch of BillPay dedicated to Business customers
Revolut app and has announced the launch of the new Revolut BillPay service, dedicated to its business customers to simplify their banking operations.
“Revolut BillPay can input invoices from your accounting software or scan their details from a file or a photo. No manual data entry or jumping from one app to another. Ready for in-app use on Grow plans and above.”
In practice, Revolut BillPay supports integration with the main accounting software such as QuickBooks, Xero, and FreeAgent. Not only that, with this service, client companies will be able to pay their suppliers based in over 150 countries in just a few steps.
It is about further simplifying and minimizing the manual work of client-companies, while maintaining a comprehensive overview of transactions, thanks to expense controls and approval rules.
The new Revolut BillPay service is dedicated to the Revolut Business section, and therefore to business customers.
Revolut app: the launch of BillPay and the growth of the Business section
Revolut BillPay is a response from the financial super app for its customers in the Revolut Business section, launched in 2017 and experiencing strong growth.
In fact, the company has stated that Revolut Business is exceeding 450 million euros in annual revenue globally. Over 20,000 companies open a Revolut Business account every month, with hundreds of thousands of them already active on the platform.
Specifically, Revolut Business focuses on the development and innovation of products in three sectors: banking services, outgoing payments, and incoming payments.
In practice, only in the last year, local IBANs have been introduced in several European countries to simplify national transfers. Revolut aims to continue developing new integrations and local payment types, specific to individual countries.
In terms of payments, however, Revolut Business has introduced card transfers in 78 supported countries and more than 50 currencies. Here, Revolut Business customers automatically have access to the Revolut exchange rate when making international payments. Not only that, Revolut continuously expands the range of methods for accepting payments, both for online and in-person transactions.
In this regard, James Gibson, Head of Revolut Business, stated:
“Thanks to our experience in the private banking sector, we are able to grow Revolut Business at a very fast pace. In the last year, we have made significant strides towards our goal, which is to become the number one system in the automation of financial services for companies. Our latest milestone has been making our platform available in Singapore. With the support of a constantly growing customer base, we are heavily focusing on services for businesses and are ready to revolutionize the corporate banking sector worldwide.”
Record profits in 2023
At the end of July, Revolut published its revenues for the year 2023, revealing record profits of 545 million dollars. With this result, the fintech company has been in net profit for three consecutive years.
Revenues for 2023 increased by +95% compared to the previous year. In fact, Revolut closed 2023 with 2.2 billion dollars in revenues, almost double the 1.1 billion dollars of 2022.
The net profit margin for 2023 also increased by 19% compared to the previous year.
Source: https://en.cryptonomist.ch/2024/09/04/revolut-app-launches-billpay-to-simplify-banking-operations-for-client-companies/