Revolut Launches Business Banking Platform in Singapore Market

08 Aug, 2024

Revolut Launches Business Banking Platform in Singapore Market

Revolut, a global neobank with 45 million users, has launched its business banking platform, Revolut Business, in Singapore. This marks Revolut's first entry into the Asian market. The new platform offers Singaporean companies efficient and affordable financial management tools to streamline global business operations.

Revolut Business is a comprehensive solution designed to minimize administrative tasks, allowing companies to concentrate on growth. The platform, already operational in over 40 markets, processes £13 billion (S$22.3 billion) in transactions globally each month. With an average onboarding rate of 20,000 enterprises per month, Revolut serves hundreds of thousands of active businesses worldwide.

Singaporean businesses can choose from four plans: Basic, Grow, Scale, and Enterprise. These plans provide features such as multi-currency accounts, virtual and physical debit cards, real-time spending reports, and support for over 25 currencies. The Basic plan is free, while paid plans start at S$15 per month, with Grow, Scale, and Enterprise plans priced at S$15, S$84, and S$417 per month respectively. To celebrate the launch, Revolut offers a three-month trial for the Grow or Scale plan to Singaporean businesses.

Revolut’s expansion follows a significant growth in its retail services, with a doubling of annual revenue from 2022 to 2023. James Gibson, Head of Revolut Business, highlighted the demand for the new service from local and international clients, emphasizing that it will help Singaporean businesses manage global payments more effectively.