Latest news with #RevolutBusiness
The Irish Sun
30-04-2025
- Business
- The Irish Sun
Huge money boost for thousands of Irish Revolut customers as bank confirms launch of ‘most sought after' new feature
REVOLUT has announced the launch of a "sought after" new feature for thousands of customers. The mobile 2 Revolut is the only platform in Ireland to pass on interest to firms daily Credit: Getty Images - Getty The new instant-access savings accounts will now offer the opportunity to earn daily interest on surplus funds. Its key value proposition is that it is a smarter alternative to legacy banking with its modern, digital-first solution. The mobile banking app also enables businesses to access borderless finance, lower fees, faster banking, less admin, advanced security, fraud protection, real-time insights, and automation. Read more in Money And the monthly volume of transactions topped €1.2bn, up 102 per cent versus one year ago. The Revolut Business Savings account provides Ireland's best instant-access rate in the market when compared to the legacy banks and other fintechs alike. This comes as findings from a recent Dynata study conducted by Revolut found that over half (51 per cent) of Irish businesses said that 'low interest rates' were a challenge for them amid persistent calls from Revolut is the only platform in Ireland to pass on interest to firms daily. Most read in Money Existing business customers also showed a clear appetite for financial products that help them get more from their money — with €1bn held in treasury products globally since launch and continued expansion over the last 12 months. Revolut Business offers a suite of banking and spend management products tailored for Irish businesses, with plans to release even more innovative products to further support enterprises of all sizes across Ireland soon. Holiday shoppers warned to check URL for four-letter word when buying online or risk having bank account drained_1 More and more Irish businesses are using Revolut Business as their primary account, largely due to the local relevance and its Irish IBANs. And the app is the most downloaded among key competitors in the last four weeks. Revolut Business also seamlessly integrates with platforms like QuickBooks, Xero, FreshBooks, and SageCurrent, including the likes of General Manager of Revolut Business, James Gibson said: "With the significant growth we've seen in Revolut Business' adoption in Ireland over the last few years, we've invested in localising our product further to better serve our customers. "That has meant fulfilling our business customers' most sought-after request: a savings account to help them grow their surplus funds with market-leading interest rates, paid out to them daily. "This new feature sits alongside our comprehensive Revolut Business suite and is designed to support SMEs and larger enterprises in running their businesses and getting the most out of their money — taking Irish firms to the next level." Revolut was recognised by financial comparison site as Ireland's 'Best consumer business' in 2024 while it has been named Ireland's 'Best current account' two years running (2024 & 2025). The bank also placed in the Top 20 (15th) in 2025's Ireland Reputation Index. 2 The new instant-access savings accounts will now offer the opportunity to earn daily interest on surplus funds Credit: Revolut
Business Times
24-04-2025
- Business
- Business Times
Revolut Singapore in the black, targets South-east Asia
[SINGAPORE] Neobank Revolut announced that its Singapore operations turned profitable, amid a continuing streak in the black for the wider company in its annual report released on Thursday (Apr 24). Its earnings grew to S$1.4 billion for FY2024 ended Dec 31, up from S$587.9 million in FY2023. Interest income rose 58 per cent from S$853.9 million in FY2023 to S$1.4 billion in FY2024. This was driven by revenue growth of 72 per cent from S$3.1 billion in FY2023 to S$5.3 billion in FY2024. An expanding customer base and increased product utilisation fuelled revenue growth. 'We not only accelerated our customer growth, welcoming nearly 15 million new users globally, but critically, we also saw customers engaging more deeply by adopting a wider range of our services across both our retail offering and Revolut Business,' said Nik Storonsky, chief executive of Revolut. In Singapore, Revolut hit its first year of profitability, with a net profit margin of 15 per cent. This was lower than the group profit margin of 26 per cent; however, Revolut Singapore does not have a banking licence – unlike Revolut in the UK and Mexico. Currently, 55 per cent of Revolut Singapore's customer base is made up of customers aged 18 to 34. The fintech also increased its headcount here by 50 per cent. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Expansion plans After Singapore, Revolut is setting its sights on the region, with Raymond Ng, CEO of the Singapore and South-east Asia business, leading the charge. It is looking to expand in 10 other markets, and is in the process of securing the requisite licences. Some of these markets are in South-east Asia. Rather than landing in a new market in the region as a fintech, Revolut will be looking to enter new markets as a bank, leveraging on its banking licence in the UK. For markets such as Indonesia, where the regulator OJK said it will not issue new banking licences, Revolut might have to look to acquire an existing bank to enter the market. Currently, Revolut is in 'conversations' with regulators across the region, said Ng. 'We will find ways to enter the market,' he told The Business Times. Closer to home, Ng will be focused on growing Revolut Business, which launched in July 2024. More features such as an interest-bearing account and becoming a merchant acquirer to facilitate payments for Revolut's business customers in Singapore are on the cards. It aims to facilitate online payments first, before moving on to physical in-store payments for these customers. On the retail front, Ng is looking to bring offerings that Revolut has in the UK to Singapore. This includes a higher-tier subscription plan called Ultra, which has perks such as access to airport lounges, travel insurance and eSIMs. Ng is also looking to bring RevPoints, Revolut's loyalty programme in the UK, to Singapore customers as well. 'While we do not comment on ongoing licence applications, we remain focused on offering our innovative products to customers in markets that are forward-looking and show significant potential for digital financial services,' said Ng.
