- Revolut Business, a comprehensive platform for managing business finances, offers Singaporean companies fast, affordable, and efficient payment solutions.
- Operating in over 40 markets, Revolut Business processes £13 billion (S$22.3 billion) in transactions globally each month, with hundreds of thousands of active businesses utilising its platform.
- To celebrate the launch, Revolut is offering Singaporean businesses a three-month trial of the Grow or Scale plan.
Singapore, August 6, 2024 — Revolut, the global fintech with over 45 million customers, has announced the launch of its business-to-business (B2B) service, Revolut Business, in Singapore, marking its first entry into the Asian market. Revolut Business aims to provide Singaporean companies of all sizes with fast, affordable, and efficient financial solutions, revolutionising how they manage their finances and conduct global business.
Revolut Business offers a comprehensive, user-friendly money management solution, enabling businesses to spend less time on administrative tasks and more time focusing on growth. Currently active in over 40 markets, Revolut Business enhances how companies manage payments, control expenses, and empower their teams. The platform processes £13 billion (S$22.3 billion) in transactions globally each month and continues to expand, onboarding 20,000 enterprises monthly. With hundreds of thousands of active businesses worldwide, Revolut Business has proven to be an effective tool for financial management.
Designed to help businesses scale and save, Revolut Business provides global payment capabilities and smarter spending solutions via web and mobile platforms. The service features multi-currency accounts, virtual and physical debit cards, real-time spending reports, and multi-user management. Businesses can hold over 25 currencies and access more than 150 currencies at interbank rates, with no hidden fees, facilitating cost-effective international transactions and global reach. Corporate cards, custom spending rules, and automated accounting offer complete financial control.
In Singapore, Revolut Business launches with four plans—Basic, Grow, Scale, and Enterprise—catering to businesses of all sizes. All plans offer unlimited foreign currency exchange at market-leading rates, with monthly fee-free allowances ranging from S$1,500 (Basic) to S$250,000 (Enterprise). Exceeding the monthly allowance incurs a 0.6% markup. The Basic plan is free, while the Grow, Scale, and Enterprise plans start at S$15, S$84, and S$417 per month, respectively. Annual payments provide up to 20% cost savings.
Since its 2019 launch, Revolut in Singapore has experienced significant growth, with annual revenue more than doubling (110%) between 2022 and 2023. Product adoption, including Wealth & Trading and Revolut <18, has surged, with user growth for Wealth & Trading quadrupling between May 2023 and May 2024. On average, Revolut introduced a new product or feature every two months in 2023, catering to diverse financial needs and becoming an everyday app for Singapore users.
Capitalising on its retail success, Revolut Business has already attracted over 1,500 businesses to its waitlist in Singapore. To celebrate the launch, Revolut is offering Singaporean businesses a three-month trial of either the Grow or Scale plan.
James Gibson, Head of Revolut Business, stated, “We have seen significant demand for Revolut Business in Singapore from local businesses and our clients in Europe, America, and Australia who operate here. Singapore’s dynamic economy and business-friendly environment make it an ideal market. Businesses here often feel underserved by traditional banks and seek tech-first banking solutions. Revolut Business addresses these needs directly, offering a seamless and affordable solution that empowers businesses to grow and succeed.”
Raymond Ng, CEO of Revolut Singapore, added, “We are delighted to launch Revolut Business in Singapore. As a leading international trade hub, Singaporean businesses engage in significant global transactions. However, managing foreign exchange transactions can be costly and inefficient. By providing transparent, cost-effective, and technologically advanced payment solutions, we aim to reduce these unnecessary costs and enhance their competitive edge globally.”
Since its inception in 2017, Revolut Business has continually innovated, adding various tools and features to meet evolving business payment needs. The launch of Revolut Business complements Revolut Singapore’s suite of products, ranging from everyday payments to international transfers, multi-currency cards, investment products, and a Revolut <18 card for young users. This launch reinforces Revolut’s ambition to be a comprehensive financial superapp in the market.
