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The global fintech claims local firms pay billions in excess exchange costs.
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Revolut launches business service in Australia
24 May 2023
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Currency exchange fintech Revolut has launched its Revolut Business product in Australia that it says will help firms of all sizes control, manage and organise international payments.
Revolut said the product can improve how firms managed payments and controlled spending with features such as real-time spending, virtual and physical debit cards, multicurrency accounts, real-time spending reports and the ability to set up and manage multiple users.
The firm said Australia would be the 40th country for its business platform and that it could offer savings on global transactions via access to international currencies at competitive rates.
CEO of Revolut ANZ Matt Baxby said the business product would help reduce exchange costs for local firms.
“Each year Australian businesses are paying more than $5 billion in excess foreign exchange costs associated with international transactions,” said Mr Baxby.
“The current cross-border business landscape is one of high fees and cumbersome ways of working: a problem the launch of Revolut Business aims to solve.”
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“At a time when they need it most, we can’t wait to provide Australian companies with an affordable way of operating borderless business so they can grow and succeed.”
The firm said the product will launch with its Grow and Scale plans which offer firms up to $75,000 per month in foreign currency exchange, for free, at leading conversion rates.
The plans are priced at $25 and $100 respectively and offer a three-month trial.
Revolut said its product also comes with the ability to integrate with accounting and automation tools such as Xero and Slack with additional software partnerships in the works.
Head of Revolut Business James Gibson said the product is entering the Australian market at a time when it was achieving record growth.
“Globally, Revolut Business is growing at its fastest ever rate, with more than 10,000 new businesses joining and making payments through us each month,” said Mr Gibson.
“We’ve long heard the demands of Australian businesses who want payment services fit for the 21st century – so we’re really excited to finally land here, bringing Australian businesses of all sizes a seamless and affordable solution that saves them time and money enabling them not only to survive, but thrive, in any market conditions.”
In 2015 Revolut launched in the UK offering money transfer and exchange, and today it has more than 28 million customers globally using its products to make more than 350 million transactions a month.
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