Revolut, a global neobank with 45 million users, has introduced its business-to-business platform, Revolut Business, in Singapore, marking its first market in Asia.
This platform aims to provide Singaporean companies of all sizes with efficient and affordable financial management tools, facilitating global business operations.
Revolut Business is designed as a comprehensive financial management solution that reduces administrative tasks, allowing businesses to focus on growth.
The platform is now operational in over 40 markets, handling £13 billion (S$22.3 billion) in transactions globally each month.
Revolut onboards 20,000 enterprises on average each month and serves hundreds of thousands of active businesses worldwide.
Singaporean businesses can access Revolut Business through four plans: Basic, Grow, Scale, and Enterprise.
These plans offer features such as multi-currency accounts, virtual and physical debit cards, real-time spending reports, and support for over 25 currencies and access over 150 currencies at the interbank rate.
The Basic plan is free, while the paid plans start at S$15 per month while the Grow, Scale and Enterprise plans are priced starting from S$15, S$84 and S$417 per month respectively.
To celebrate the launch, Revolut is offering a three-month trial for the Grow or Scale plan to Singaporean businesses.
Revolut’s expansion in Singapore follows significant growth in its retail services, with a doubling of annual revenue from 2022 to 2023 and rapid user adoption across its product range.
James Gibson, Head of Revolut Business, said,
“We have seen significant demand for launching Revolut Business in Singapore from many local businesses, as well as from our existing clients in Europe, America and Australia who operate in Singapore.
Launching Revolut Business in Singapore is a pivotal step in empowering local businesses to navigate the complexities of global payments. We have created a cutting-edge, seamless and affordable solution that will empower businesses of all sizes to grow and succeed.”
Raymond Ng, Chief Executive Officer, Revolut Singapore added,
“We are thrilled to launch Revolut Business in Singapore. As a leading international trade hub, Singaporean businesses are intricately woven into the global economy, conducting billions in transactions annually across diverse currencies.
By offering transparent, cost-effective, and technologically advanced payment solutions, we aim to reduce the unnecessary costs that Singaporean businesses incur on FX transactions. And beyond financial savings, it’s about enhancing their ability to compete and succeed on the global stage.”
Featured image credit: Edited from Freepik
