Review: Revolut for Business Banking (2023)

Revolut is a fintech unicorn and one of the world's biggest mobile-first digital banks based in London, UK. Founded in 2015 by Nik Storonsky and Vlad Yatsenko, Revolut started out focusing on low to no fee exchanges and had been widely adopted by international travellers, Revolut has now evolved to provide services through its “global financial superapp” for both everyday needs as well as for growing users' wealth via stocks and cryptocurrencies. The fintech reached over 15 million users and is operating in over 35 countries, providing users with access to more than 30 currencies from all over the world.

Servicing over 500,000 businesses globally and millions of users enjoying Revolut's bank accounts for individuals, the UK-based neobank is truly #1 digital bank in sheer scale in Europe. However, building a reliable, convenient and powerful bank for businesses all over the EU has been a challenge. Beyond the abundance of various payment methods people use in different countries (for example, Bizum in Spain, iDeal in Netherlands or Bancontact in Belgium), combined with inconsistencies in primary bank cards used in that area, as well as regulatory issues with banking licenses these banks would face... Difficulties aside, in this Revolut business banking review, you will find out if the neobank is successful at delivering a great experience and making running a business easier. Interested? Continue reading below!

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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 along one that includes local bank accounts in EUR and GBR, subscription management, bookkeeping software integration and more.

Scale is the advanced tier plan Revolut offers for Business, only below the Enterprise plan which is fully customized. Scale is in essence the Grow plan on steroid, with quite generous expansion acrosss all the allowances. Therefore this plan would fit relatively developed small businesses that are fairly transaction-intensive.

Business bank accounts offered by Revolut can also be found in our selection of "one-to-one" comparisons between the best plans currently available on the market. Please find these detailed comparisons below:

• Revolut Grow vs bunq Easy Money Business

Bank accounts for business banking by Revolut vary quite significantly both in the range of features available, business types they target, and, of course, in price. Find a detailed breakdown of all Revolut plans offered to businesses in our comparison table below.

Advantages

Disadvantages

Does Revolut offer real bank accounts suitable for operating a business?

Absolutely - firstly, the funds in Revolut accounts safeguarded by licensed banks with all applicable laws and regulations in place. Secondly, Revolut has impressive anti-fraud systems in place and all of the bank cards are using 3D Secure technology by Mastercard. Finally, all the accesses and permissions given to other users can be revoked with a single tap in the app or click on the web app. Summarizing, you can be sure your company's funds are well-protected at Revolut.

What industries are not supported by Revolut?

Businesses that operate in the following fields are not eligible to become Revolut Business customers: adult entertainment, Arms manufacturing, Gambling, Fine arts dealers, Cryptocurrency exchanges and brokers, NPOs, Venture capital firms, Pawnbrokers, Trust funds, Pension schemes and a few more. Make sure to check Revolut's website to get a full list.

What types of businesses can open a Revolut business account?

Revolut Business is available for the legal entity types in this list: Private Limited Companies, Public Limited Companies, Limited Liability Partnerships, Limited Partnerships, Partnerships and sole proprietorships of any kind (yes, freelancers also welcome!). Companies in the public sector, charities, trusts and foundations are not able to open Revolut accounts at this time.

What information do I need to provide Revolut for onboarding my company?

Revolut requires the following information: confirmation of operating address of the company, nature of business description, identity verification (is done via the app), basic details on your company's legal entity, details on shareholders and directors of the company (these people would also need to verify themselves, although it is possible to do that on their behalf) and power of attorney signed in case the person opening a bank account is not a director.

Is it possible to get custom terms for my business at Revolut?

Yes, it is - when opting for "Enterprise" subscription, you have an option of negotiating specific terms and a "package" of features and quotas that provides your business with flexibility in banking without the burden of overpaying for unnecessary gimmicks you do not need.

Does the feature set of Revolut lack something you are explicitly looking for? Perhaps, you are looking for a company account in a different price range? Or do you want to find a more powerful solution for your needs? Below, we will provide you with three Revolut alternatives other users found relevant.

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 (yet somewhat questionable) figure of 18+ 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!