Revolut Expands Horizons with New Business Bill Payment Service
Introducing Bill Payment for Businesses
Revolut, one of Europe’s leading fintech giants, has unveiled an exciting new feature called BillPay for its business clients. This innovative bill payment service allows companies to manage and pay their supplier bills seamlessly across more than 150 countries. What sets BillPay apart is its compatibility with popular accounting software such as Xero, QuickBooks, and FreeAgent. This move is part of Revolut’s broader strategy to enhance its business offerings. Currently, Revolut Business generates over €461 million annually and operates in 40 countries. Notably, the company is onboarding more than 20,000 new businesses each month, including around 550 new clients from Ireland alone.
Impressive Financial Growth and Global Reach
Revolut’s growth trajectory has been nothing short of remarkable. In 2023, the fintech firm reported a staggering 95% increase in group revenues, reaching $2.2 billion (€1.99 billion). The company also achieved a profit before tax of $545 million (€493.08 million). With a client base exceeding 45 million worldwide, Revolut is solidifying its position as a major player in the global financial landscape.
James Gibson, Head of Revolut Business, highlighted the company’s rapid expansion and future plans. He remarked, “We’ve made significant strides in our mission to be the top finance automation system for businesses. We recently launched our product in Singapore and are excited to continue revolutionizing banking for businesses globally.”
Boosting Employee Liquidity with Secondary Share Sale
In a parallel move, Revolut is enhancing employee liquidity through a secondary share sale valued at $45 billion (€40.70 billion). This initiative aims to reward employees for their contributions to the company’s success and growth. By providing increased liquidity, Revolut helps employees capitalize on their roles within the company. The secondary share sale, spearheaded by prominent technology investors such as D1 Capital Partners, Coatue, and Tiger Global, is expected to support employee retention and satisfaction.
Nik Storonsky, Revolut’s CEO, expressed enthusiasm about the initiative: “We’re thrilled to offer our employees the opportunity to benefit from the company’s collective success. Their hard work and innovation have been crucial in making us Europe’s most valuable private technology company. We’re also excited to partner with new investors who share our vision of transforming the banking industry.”
Recent Licensing Achievements
Adding to its impressive list of achievements, Revolut has secured its UK banking license after a lengthy three-year wait, along with a new banking license in Mexico. These milestones further establish Revolut’s commitment to expanding its global footprint and reshaping the financial services landscape.
With these strategic moves, Revolut is not only enhancing its service offerings but also reinforcing its position as a trailblazer in the fintech sector.