Revolut
launched a money market fund product for business customers in Singapore,
giving small and medium-sized companies access to returns that have
historically been limited to large corporations with substantial cash reserves.

Revolut Singapore Expands
Business Offerings with Money Market Fund Access

The “Flexible
Cash Funds” offering allows businesses on the company’s higher-tier plans to
earn up to 4.48% annual percentage yield on U.S. dollar deposits, with the
ability to withdraw funds within two business days under normal conditions.

The product
supports British pounds, euros and U.S. dollars across up to 100 separate fund
accounts.

“We’re
proud to make money market funds accessible to companies of all sizes, not just
large asset managers or those with substantial reserves,” said James
Gibson, head of Revolut Business.

The funds
manage over $500 million globally in assets under management, according to the
company.

Revolut has
added several features for Singapore business customers in recent months. The
company enabled Chinese
yuan SWIFT transfers, allowing businesses to send renminbi to international
recipients. Integration with Wizz
Air, QuickBooks and NetSuite accounting platforms went live for
Asia-Pacific users, joining existing connections with Xero and FreeAgent.

Revolut Singapore Customers Surge 125% in Debut Quarter

Revolut’s
Singapore business unit has posted quarterly customer growth averaging above
50% since
launching in August 2024. The first quarter saw a 125% jump in business
sign-ups, though the company declined to provide absolute customer numbers.

The timing
coincides with rising anxiety among Singapore businesses about economic
conditions. A survey by Singapore Business Federation found the share of
companies expecting deterioration nearly doubled between the fourth quarter of
2024 and first quarter of 2025.

The
Singapore business team plans to increase staff ninefold from its August 2024
launch levels by year-end, though Revolut didn’t specify current or target
headcount figures.

Ashley
Thomas, head of strategy and operations for Revolut Singapore, said the
business division is attempting to replicate the company’s retail growth in the
corporate segment.

“We
have our ears close to the ground, always listening to our customers and
constantly seeking ways to enhance our offerings,” Thomas said.

Stablecoin Conversion
Added

Separately,
Revolut introduced fee-free conversion between U.S. dollars and stablecoins
USDC and USDT at a 1:1 ratio. The feature eliminates the small spreads
typically charged on fiat-to-stablecoin exchanges. The move comes two weeks
after the service was introduced
under the
new EU crypto license.

“Every
time I go on-chain, I struggle with the same thing: you never actually get 1:1
when moving between fiat and stablecoins,” said Leonid Bashlykov, head of
product for crypto at Revolut. “There’s always that annoying 0.0002
spread, or a hidden fee somewhere.”

Users can
move stablecoins across multiple blockchain networks and link balances to Visa
and Mastercard for daily purchases, with biometric security for withdrawals.

Revolut has
over 65 million retail customers globally and hundreds of thousands of business
accounts. Recently, the UK-based fintech also secured
a banking license in Mexico.

This article was written by Damian Chmiel at www.financemagnates.com.

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