Review: Revolut Business (2024 Update)

Revolut is the fintech unicorn and one of the world's most successful mobile-first digital banks based in London, UK. Founded in 2015 by Nik Storonsky and Vlad Yatsenko, Revolut started out as a simple app offering low-to-no fee currency exchanges. Since then, Revolut evolved into a “global financial super-app” offering a wide range of banking and financial services to individuals, SMEs, freelancers and self-employed people.

This rapidly growing fintech now boasts having over 28 million individual customers and providing banking services to over 500'000 companies globally. Revolut operates in over 35 countries, providing users with access to more than 30 currencies from all over the world.

For this review, we assembled a panel of three fintech experts, had them open a Revolut business account and analyzed their feedback after two weeks of being "hands-on". This article presents a brief summary of Revolut Business's pros and cons, provides you with a quick overview of neobank's key features, shares some of our experts' concerns and critique, and suggests a few Revolut alternatives you should consider.

Servicing over 500,000 businesses globally, this UK-based neobank is by far the biggest mobile-first bank in Europe. But does Revolut, a perpetually-growing bank that offers a range of products for various audiences (for example, we previously reviewed Revolut Joint Accounts for shared banking) manage to deliver quality that can be fully trusted?

On top of that, building a reliable, convenient and powerful bank for various businesses all over the EU has always been a challenge. Reasons are, for example, an abundance of payment methods used in different countries (e.g.: Bizum in Spain, iDEAL in Netherlands or Bancontact in Belgium), offering accounts in multiple currencies, and the overhead that comes with frequent compliance checks and regulatory reporting. How does the neobank manage that? In this Revolut for business banking review, we'll investigate if the challenger bank succeeds at delivering a great user experience while providing high levels of security and low fees.

With an impressive selection of available subscriptions, Revolut has a lot to offer to businesses of any scale. Whether you are a freelancer looking to structure your cash flow management or a full-blown enterprise employing hundreds of people, Revolut has a plan that would suit your needs. We studied the legal pricing documents and information available in the app and on the website, and the result is our Revolut Business plan comparison table below. We hope it helps to decide what bank account your business actually needs, and whether Revolut is the right call for your business.

Free is the entry choice from the Business plans offered by Revolut. It comes with a solid bundle of business features and it is a plan that generally suffice all banking needs especially for freelancers and other business that are just starting out. Free business accounts are not common, let alone one that includes local bank accounts in EUR and GBP, subscription management, bookkeeping software integration, an ability to receive and hold money in various currencies and much more.

Is the free Revolut Business bank account enough for your business? Of course, it depends on the specific needs of your enterprise, but the important thing is that there is a free subscription, so the cost of trialing it out to see if it's a bank account that satisfies you is quite low. However, you should keep an eye on your banking costs, as you can find yourself in a position where sticking to a free plan is costing you more in variable fees than it would to upgrade and get better terms and higher fee-free allowances.

Grow is an entry-level Business subscription from the neobank. Notable upgrades to your experience are: a free metal card, allowances for fee-free (international) payments, FX exchange as well as more advanced features such as bulk payments and business API. Another addition that could come in handy is the priority 24/7 support. This plan suits growing business that start to have somewhat more sophisticated business banking needs.

Scale is the penultimate (if you include the custom-tailored "Enterprise" option) plan Revolut offers for businesses. Scale is, in essence, "Grow" plan on steroids, with higher limits and fee-free allowances, more cards and account access options. For most businesses (that is, with less than 25 FTEs on payroll), this might be a bit of an overkill. However, if your SME is enjoying growth and wants their bank account to support that, this plan would be a great option for a transaction-intensive business.

If you're looking for a Revolut competitor who might be better at satisfying your business entity's banking needs, we've prepared a few alternatives for business banking.

If your legal entity was registered in Germany, Italy, Belgium or The Netherlands and you're looking for a way to get a consolidated overview of your company's cash flow, consider business bank accounts from Finom. Prepaid employee cards and a very flexible pricing structure might fit your company well.

For a small-to-medium company that wants to get an overview of the company's cash flow, set up a sensible budget by separating expenses and revenues from various sources, and any business that operates in the EU and uses multiple trade names, bunq bank offers great business bank accounts.

French and German businesses looking for a "less global" bank that puts more effort in catering to the specific needs companies and entrepreneurs in these countries have, should consider Qonto Business offering, available to sole proprietorships, micro-businesses and SMEs.

Of course, Revolut's most famous rival N26 from Germany is always an option as well. It rarely offers the same extent of flexibility Revolut does, and ends up being a bit more expensive, but it does have its own fans, so it might make sense to check it out.

Revolut is still a fantastic choice for day-to-day banking for most companies. A wide range of features, an impressive selection of plans and additional "add-ons" to choose from, hundreds of thousands of businesses using it all over the world and an extensive partner network - all of these converge in a great product for both personal and business banking. Revolut can satisfy both a person not interested in any of the stock trading, cryptocurrencies nor spending in 30+ currencies, as well as be a great choice for someone worshipping healthy personal finance practices. Being one of the biggest neobanks, Revolut boasts an astonishing figure of 28+ million active users and it does not seem like the bank is past the rapid growth stage yet.

At the end of the day, it is important to note that Revolut has an entry-level plan that has no monthly subscription cost, so there is absolutely no downside in trying out the bank yourself to get some "hands-on" experience with it before deciding on the bank's fate in your company. Feel free to use the links provided in this article to trial Revolut and make the decision yourself!