Challenger bank Revolut is expanding its footprint in business banking with a new product for expenses management.
Revolut Expenses gives business customers a view of their finances through real time spending notifications, limits on outgoings, control over company cards, and features for employees to submit expenses forms.
Many of the processes are automated, such as digital receipt filing for purchases and expenses made online and smart tech for reading paper receipts automatically to cross reference them with expense reports.
The new product also comes with features for managing repeat expenses and organising them per category, such as travel costs.
It is aimed at small and large businesses alike as well as freelancers.
For bookkeepers and finance managers, the automated features will reduce many of the manual hours spent totting up numbers while business accounts on the app can be linked with Xero for further accounting and finance management.
“We have built our Expenses product to simplify everyday tasks for business owners, employees and accountants alike,” James Gibson, head of product at Revolut Business, said. “Regardless of whether you are a freelancer, small business or future unicorn, our set of tools will provide you with control over your company spending – so you can focus on running your business.”
Revolut’s launch of Expenses further expands its offering for business banking customers, an important segment of its customer base that pays to use the product. It is premium features like these that Revolut and others are turning to in order to reach sustained profitability.
Its rivals like N26 also push business products to generate more revenue, while in the UK Starling Bank has amassed around 300,000 business banking customers out of its 2m total. Business and expense management focused fintech start-ups have emerged in Europe in recent years as well, such as Soldo and Pleo.
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