Revolut, a global financial technology company announced
today (Tuesday) that it is launching its business-to-business (B2B) service,
Revolut Business, in Singapore. This marks Revolut’s entry into the Asian
market.

Revolut Business aims to provide Singapore companies with
efficient financial management tools. The service is designed to streamline
money management, allowing businesses to spend less time on administrative
tasks and focus more on their core operations.

B2B Platform for Transactions

Revolut Business is now operational in over 40 markets. It
processes transactions worth £13 billion (S$22.3 billion) each month, adding an average of 20,000 new enterprises each month. The
platform supports hundreds of thousands of active businesses globally in
managing their finances.

The B2B platform offers features such as multi-currency
accounts, virtual and physical debit cards, real-time spending reports, and
multi-user management. It supports over 25 currencies and allows access to over
150 currencies at the interbank rate without hidden fees.

This setup aims to
reduce costs on international transactions and facilitate global business
operations.

James Gibson, Head of Revolut Business, said: “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.”

Offering Business Trials

In Singapore, Revolut Business will be available through
four plans: Basic, Grow, Scale, and Enterprise. Transactions exceeding these
limits will incur a 0.6% markup. Revolut has experienced growth in
Singapore since its launch in 2019, with annual revenue more than doubling
between 2022 and 2023.

Revolut Business has generated considerable interest, with
over 1,500 businesses already on a waitlist. To mark the launch, Revolut is
offering a three-month trial of either the Grow or Scale plan to businesses in
Singapore.

The introduction of Revolut Business adds to Revolut
Singapore’s range of financial products, which includes solutions for everyday
payments, international transfers, multi-currency cards, investment products,
and a Revolut card for minors. This launch aligns with Revolut’s aim to
establish itself as a comprehensive financial app in the Singapore market.

This article was written by Tareq Sikder at www.financemagnates.com.

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