UK challenger bank Revolut’s business arm ‘Revolut for Business’ has announced a new ‘free’ business account with no monthly subscriptions.
The account, designed for businesses and freelancers, will offer an account with corporate cards, software integration and multi-currency support alongside its desktop and mobile app.
Revolut for Business launched in 2017. It now has more than 100,000 businesses as customers in Europe and the UK.
Its new free account will offer free transfers to other Revolut users, but after a £5 limit will charge 20p per transfer, in a business model the company calls ‘pay-as-you-grow’.
For corporates, the free account allows for two team members.
The firm has also announced pricing structure changes, with a customisable model allowing business to ‘upgrade’ or ‘downgrade’ their plans in response to changing business needs.
On the company’s blog, the firm said the new free accounts have been created in response to customer requests and feedback.
The free account will allow the firm to acquire new business from entrepreneurs, freelancers and SMEs and retain them as they grow into a more valuable business customer.
Of the launch, James Gibson, product owner at Revolut for Business said: “We understand first-hand how frustrating it can be for ambitious entrepreneurial businesses to get the support they need to kick off their journey to success.
“Using our own experience, we’ve developed a brand new free offering which will save our customers time, money and give them the flexibility and control they need to operate both locally and globally. Our businesses are the beating heart of the economy and we’re so excited to be able to do our bit to support them.”
Last month Revolut announced its plans for a new tech hub in Berlin, creating around 80 new jobs.