Revolut Business Accounts Now Available in 50 US States

Europe's largest neobank, Revolut has officially rolled out its business accounts in the United States across all 50 states.

The London-based fintech Unicorn Unicorn Unicorns represent privately held startup companies whose value exceeds $1 billion. The term itself was coined by venture capitalist Aileen Lee back in 2013, with Unicorns since assuming the gold standard of companies.At the time of writing, approximately 465 unicorns exist, with standouts becoming ubiquitous in everyday life. This includes Ant Financial, DiDi, Airbnb, Stripe, Lyft, and Palantir Technologies, among many others.While all wildly successful, many unicorns are themselves the product Unicorns represent privately held startup companies whose value exceeds $1 billion. The term itself was coined by venture capitalist Aileen Lee back in 2013, with Unicorns since assuming the gold standard of companies.At the time of writing, approximately 465 unicorns exist, with standouts becoming ubiquitous in everyday life. This includes Ant Financial, DiDi, Airbnb, Stripe, Lyft, and Palantir Technologies, among many others.While all wildly successful, many unicorns are themselves the product Read this Term has been operational in the US retail market since 2020 and is now launching its business offering. The move came in tandem with the announcement of filing for a US banking license, barely a week after it pulled operations out of Canada.

Revolut Business allows merchants to accept card Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term around the clock in real-time, directly into their account. Additionally, companies can sign-up for multi-currency accounts, issue physical and virtual corporate cards and make no-fee cash transfers in 29 currencies. They can keep their funds in the same currency, or convert them into another at the interbank rate.

The challenger bank said the merchants' service keeps all business transactions in one place, allowing them to accept, settle and store payments within a single account – without the need to juggle multiple logins and apps. And, since customers are transacting within the same system, it gives them quick access to their money as payments are settled the next day.

Revolut Enters Concentrated Markets

Revolut has been among a number of app-only fintech companies that are looking to branch into banking as they diversify their revenue stream and bring new services to their existing customers.

Should its US application get the green light, a bank charter permits the company to operate an independent bank that will reduce reliance on third-party financial institutions and allow it to provide deposit-taking, custody and fiduciary services.

Revolut currently offers financial services in the US through a partnership with Metropolitan Commercial Bank. Before March 2020, Revolut’s services, which attracted over 15 million customers, had been available in the UK and Europe with US applicants previously being held on a waiting list.

The new business roll-out comes as the market for Fintech firms offering alternatives to traditional banks has become fiercely competitive. Revolut is already going up against other established rivals, such as Stripe, which recently expanded its portfolio of partner banks that have signed on to offer co-branded banking services.

Revolut has recently bolstered its regulatory profile, having also applied for a banking license in the UK.