Revolut launches business accounts in Australia with $50K cap
Fast-growing fintech Revolut has officially begun offering its Business Accounts in Australia, which enables companies to sign up for multi-currency accounts.
The launch of Revolut Business in Australia provides companies of any scale with speedy and cost-effective payment solutions that can enhance their financial management and optimize their global business operations. Local users will be initially able to carry out foreign currency exchanges up to a maximum of 75,000 Australian dollars ($49,950) per month.
Revolut Business allows merchants to accept card payments around the clock in real-time, directly into their account. Additionally, companies can sign-up for multi-currency accounts, issue physical and virtual corporate cards and make no-fee cash transfers in 29 currencies. They can keep their funds in the same currency or convert them into another at the interbank rate.
The challenger bank said the merchants’ service keeps all business transactions in one place, allowing them to accept, settle and store payments within a single account – without the need to juggle multiple logins and apps. And, since customers are transacting within the same system, it gives them quick access to their money as payments are settled the next day.
“A bank licence is still very much part of our plans. To be held to that regulatory standard would give our consumers confidence for the long haul, and would enable products that are in demand from our customers. We’re working our way through that, and it’s a key part of our plans overall,” CEO of Revolut Australian Matt Baxby said.
Revolut has been among a number of app-only fintech companies that are looking to branch into banking as they diversify their revenue stream and bring new services to their existing customers.
According to the press release, this B2B payment service offers a comprehensive range of features, including multi-currency accounts, virtual and physical debit cards, real-time spending reports, as well as the ability to create and oversee multiple user accounts.
Revolut Business, available in 40 markets, grants businesses secure access to international currencies at competitive exchange rates, enabling them to save money on international transactions.
Revolut was in the news recently after its auditor said it couldn’t authenticate 75% of the revenue in its 2021 accounts. As a result, Mikko Salovaara, who joined the London-based fintech firm as Chief Financial Officer in April 2021, resigned from his position.
