Revolut Business, the global fintech trusted by hundreds of thousands of businesses, has published a study, conducted in partnership with Dynata, showing that international businesses are turning away from ‘legacy banks’ to manage their financial needs, echoing the sweeping changes seen in consumer banking.
The findings come as the company launches Revolut Business 5, the fifth generation of its financial management platform for businesses.
The recent survey of 2,850* business decision-makers across Europe found that two-thirds (63%) of businesses believe ‘legacy banks’ are too slow for their financial needs. Nearly four out of five (79%) respondents have reported issues with ‘legacy banks’ including high fees, slow transactions, and poor mobile experiences, and three out of five (64%) large businesses** are worried they’ll be left behind by competitors without fintech support. These concerns are driving businesses toward fintechs like Revolut, where innovation and agility are founding principles.
Revolut is reinforcing its focus to support large enterprise clients with Revolut Business 5, which provides an enhanced user experience across both mobile and desktop platforms to meet the evolving needs of industry leaders. Revolut Business has been redesigned to save enterprises more time and money.
James Gibson, General Manager at Revolut Business, commented on the recent survey findings and emphasised Revolut Business’s capabilities: “When we started Revolut Business in 2017, we knew that businesses wanted a product that evolved with their needs and provided a customer experience you’d expect in this day and age. The demand for customer-orientated business accounts has only increased since then. As we launch Revolut Business 5, we know we’re giving customers the ability to find features faster, spend with precision, and manage payments easily. Revolut Business is continuing to grow, and look forward to welcoming more customers who are fed up with the existing status quo and want a solution that moves with the technology of the day.”
In the UK specifically, the survey of 500 UK businesses also found that:
Nearly four out of five (77%) of businesses think fintech innovation is superior to that of ‘legacy banks.’
Two-thirds (66%) of businesses believe that their peers are increasingly turning to fintechs to handle their business banking needs.
Three out of five (61%) of UK businesses surveyed think that fintechs have more to offer them than ‘legacy banks’ when it comes to their business banking.
Revolut Business 5 offers faster navigation, personalised layouts, and easy access to card details and analytics right from the home screen. Updated features include B2B SEPA Direct Debits, streamlined payment tools for online and in-person sales, dedicated treasury tools for currency exchange, and multi-layered approval options for managing team spending across departments.
Revolut Business clients have already seen significant efficiency gains from the platform’s financial tools. Barry’s, a global fitness brand, shared its experience: “Since switching to Revolut Business’ expense management tools we’ve been able to reduce our time spent on expenses from days to a few hours with increased control over VAT claims on expenses as well as clear spend trends and transparency.”
Revolut Business is already contributing 15-25% of the company’s gross profit, having recently signed major clients including Barry’s. The company also recently announced that global annualised revenue for Revolut Business have surpassed $500M. This growth is a testament to the demand for Revolut Business, as more companies turn to fintech for a faster, more flexible way to manage their financial needs.