Prime Highlights-
- Revolut Business serves 800,000 clients, alongside 75 million customers worldwide.
- Company secures full UK banking licence, paving way for credit products.
Key Facts-
- Revolut targets 1 million global business customers by 2027.
- Fintech aims to win FTSE 250 clients from Barclays, HSBC and other major lenders.
Background-
Revolut is stepping up its push into business banking, setting a target of reaching one million business customers worldwide by 2027. The London-based fintech plans to approach FTSE 250 companies and win corporate clients from established lenders such as Barclays and HSBC.
James Gibson, head of Revolut Business, said the company’s founder and chief executive Nik Storonsky views corporate banking as a major growth avenue for the group.
Gibson described the business arm as having significant untapped potential, building on the momentum of Revolut’s retail success. The company currently serves 800,000 business customers alongside 75 million customers globally.
Revolut offers current accounts, payment services and corporate debit cards to clients including Booking.com and Barry’s Bootcamp. The business division generated 16 percent of the group’s total revenue of £4.5 billion in the last financial year, marking a 53 percent rise from the previous period.
Gibson noted that larger businesses remain an area of opportunity, as the company has built stronger traction among firms with five to fifty employees. Revolut will take a measured approach to lending, he said, building credit underwriting expertise and recruiting staff from established banks to drive growth.
Revolut obtained a full UK banking licence through a thorough process with the Bank of England, allowing it to offer credit products larger corporate clients need. The company held total assets of £43 billion, as it works to replicate its retail success in business banking.
