Hot FinTech firm Revolut launches business banking tool

Fast-growing FinTech firm Revolut has launched ‘Revolut Connect’ to help business accounts automate and simplify financial tasks.

The London-based challenger bank has built the tool in an attempt to complement business banking. Currently, Revolut says it is signing up more than 120 businesses per day to business accounts, with 60,000 signed up to date.

It states that existing business users have already sent over $350m worth of transfers since the service launched in June last year.

Revolut Connect will allow businesses to integrate with apps such as FreeAgent, Slack and Xero. The aim is to help with tax, payroll, expense management and more.

Revolut also recently announced its Open API, allowing businesses to automate daily tasks and internal workflows with actions such as scheduled and mass payments, adding counterparties, as well as webhooks so businesses are notified of new transactions.

The company hopes to make ‘Revolut for Business’ an open banking platform, enabling others to build upon the service. As part of this, the company are working on making the API available to developers, so they can create new integration opportunities.

Since it was launched in July 2015, Revolut offers an app-based current account, that allows users to spend abroad in over 150 currencies with no fees, hold and exchange 25 currencies in-app and send free domestic and international money transfers with the real exchange rate.

To date, Revolut has raised a total of $336m from notable investors including Index Ventures, Balderton Capital and Ribbit Capital. It closed a mammoth $250m (£179.55m) Series C funding round led by Hong Kong-based DST Global.

At the time, the funding round sent Revolut’s valuation soaring to a whopping $1.7bn. The company is using the money to expand into the US, Canada, Singapore, Hong Kong and Australia.