Revolut unveils new bill payment facility for businesses

Revolut, one of Europe’s most valuable fintech companies, has recently revealed BillPay, a new bill payment service for its business clients. 

This service will allow clients to pay and organise their supplier bills in more than 150 countries and is also compatible with other popular accounting softwares, such as Xero, QuickBooks and FreeAgent. 

This move is another step in Revolut’s strategy to ramp up its business products, as the company now earns over €461m from Revolut Business, which is spread across 40 countries. 

Revolut also revealed that it was adding more than 20,000 new businesses per month, with approximately 550 new Irish businesses being onboarded every month.

In 2023, Revolut recorded group revenues of $2.2bn (€1.99bn), a surge of 95%. The company’s profit before tax for last year also touched $545m (€493.08m). It now also has more than 45 million clients across the world. 

James Gibson, head of Revolut Business, said, as reported by Irish Examiner: “Business is growing rapidly. In the last year, we’ve made huge strides forward in our mission to be the number one finance automation system for businesses and we recently brought the product to Singapore. 

“With the support of a significant and growing number of customers behind us, we’re aggressively doubling down on B2B and are ready to revolutionise banking for even more businesses around the world.”

Revolut launches secondary share sale to boost employee liquidity

Revolut also recently introduced a secondary share sale at a $45bn (€40.70bn) valuation, in order to offer increased liquidity for its employees. This move was mainly to help employees capitalise on the role they played in the company’s success and growth. 

The secondary share sale was led by a number of technology investors, such as D1 Capital Partners, Coatue and Tiger Global. It is also expected to go a long way in retaining employees and rewarding their performance. 

Nik Storonsky, chief executive officer of Revolut, said in a press release: “We’re delighted to provide the opportunity  to our employees to realise the benefits of the company’s collective success. 

“It’s their hard work, innovation and dedication that has driven us to become the most valuable private technology company in Europe. We’re also excited to partner with several new investors who share our vision as we continue our journey to redefine the banking landscape as we’ve known it.”

Philippe Laffont, founder and portfolio manager at Coatue, also said: “We have a high level of conviction in Revolut’s mission to democratise access to financial services globally. Revolut’s proven ability to scale across dozens of markets is a testament to the team’s commitment to product velocity, financial inclusion and finanical innovation. 

“Under NIk and his team’s leadership, Revolut has navigated the complexities of the financial services landscape to deliver an impressive product suite that meets the needs of its rapidly growing customer base. We look forward to supporting Revolut as it continues to help transform the global banking industry.”

Revolut also recently acquired its UK banking licence, following a three-year wait plagued with delays and uncertainty, as well as a Mexican banking licence.