By Oliver Smith on Wednesday 25 May 2022
Arriving for Revolut’s 500,000 business customers today.
The feature will let Revolut Business customers issue an unlimited number of physical and virtual cards to their teams and then monitor and manage their usage.
Combined with Revolut’s existing expense tools, the feature puts the fintech slightly ahead of its business banking competitors like Starling Bank and Monzo—as neither offer card issuing beyond account holders.
“Businesses are cautious about giving their staff cards because it’s considered risky or a poor way to control funds. But having few cards shared by the team can increase fraud risk and slow down operations,” said James Gibson, head of product at Revolut Business.
“This was the premise we used to design a new feature giving companies real control of their funds and preventing overspending.”
Spend management will likely help Revolut target larger SMEs and corporates who demand more advanced features and puts the fintech in competition with dedicated expense management providers like Soldo.
Revolut posted a host of new stats on its business customers, including that their number of transactions globally increased by 97 per cent last year to 7.4m. However, the fintech has yet to provide an update on its overall number of Revolut Business customers.
The company first published its 500,000 SME customer milestone in September 2020, some 20 months ago.
Revolut’s number of business customers has undoubtedly grown substantially since then, yet we’ll have to wait a little longer to determine by how much.