Revolut Business & Competitors (2024)

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Table Of Contents

What Is Revolut Business?

Revolut Business is a money management website with a smartphone application renowned for swift borderless transactions. It features an e-money account designed for business owners, freelancers, small-sized companies and partnerships. The platform provides accounts for spend management and helps plan savings and investments.

Revolut Business Source

Revolut Business' vision is to offer customers a seamless and effortless experience in financial management and payments. The most crucial aspect of Revolut Business is its desktop and mobile-friendly website and smartphone application which let you access and manage your money from anywhere at any time. This comprehensive comparative analysis of Revolut Business with its competitors in 2024 features an exhaustive comparative table to help you understand Revolut's business model.

Table of contents

What Is Revolut Business?
Revolut Business is an online money management and financial services portal managed through its desktop and mobile-friendly website as well as smartphone application.
Revolut is at an equal level with its competitors and is ready to offer even better services in some parameters and aspects.
Revolut Business is typically centred around the UK, European Union, the US and Australia, whereas other competitors have a cross-continent advantage.
The Revolut Business stands out among its competitors and has much to offer within its limitations.

How Does Revolut Business Work?

Revolut Business is a global financial website and application with its base in the United Kingdom. It operates as a digital financial institution with banks and other monetary services. The whole concept of Revolut Business revolves around a simple yet dynamic electronic (e) money account which becomes the centre of all the services one needs.

Revolut Business Work - GBP

Unlike a traditional bank, it is designed to bring every possible financial assistance to your fingertips. Revolut Business support offers 24/7 customer service, and its account holders can track their money and account transactions anytime through its well-designed desktop and mobile-friendly website as well as smartphone application.

As we live in the digital age, Revolut Business ensures that it takes away all the trouble of managing your funds. Since its inception in 2015, the Revolut Business has shown exponential growth, as shown in the image below.

Revolut Business Work - GBP 2021 Source

Revolut Business has made an exhaustive journey touching down fundraising and customer milestones year after year. The firm is looking forward to expanding its operations outside the European Union countries, to take on its competitors.

In this article, we will go through Revolut Business' key features before comparing it with its peers -

Website & mobile application: In an era where websites and apps simplify our lives, managing finances should be no different. Revolut Business extends this convenience to you through its innovative desktop and mobile-friendly website and smartphone application, enabling you to manage your funds with just a few clicks and taps.
24/7 customer support: Although Revolut operates on minimal and no human interaction, it offers complete support for any queries and troubles you have or for making transactions.
Multiple local accounts: It offers GBP, EURO, and USD currency accounts for making and receiving international payments.
No credit facilities: Revolut Business does not engage in borrowing services, which is why your money is always safe with them because they are not lending it to anyone.
Different service plans: Revolut Business has designed other business plans that account holders can use per their needs and will be charged accordingly. However, it also has a free account for essential services.

Comparative Table - Revolut Business & Competitors

The Revolut Business is not the only platform in the market, so we extensively compare Revolut with its top five competitors inside and outside the UK in the table below:

*Note: All the above information is temporary and may change with time parallel to company policies and regulations.

Verdict

This review delves into a comprehensive comparison between Revolut Business and its top five competitors: Wise, N26, Starling Bank, Monzo, and Qonto. Despite many services and factors, we aim to provide you an essential insights for a clear distinction. The comparison table highlights that each competitor presents distinct advantages and disadvantages.

Revolut is a dynamic digital financial and money management platform.
Revolut Business' desktop and mobile-friendly website as well as smartphone application bring money management for its users on their fingertips.
Revolut Business dominates the competitions in terms of innovative features and easy accessibility.

While services are comparable, variations lie in limitations and user access. It's important to note that these website & app-based and online financial institutions acknowledge their limitations. They readily admit that they may cater differently to larger enterprises. The Revolut Business desktop and mobile-friendly website and smartphone application, for example, explicitly targets sole traders, freelancers, and small to medium enterprises.

Revolut Business Verdict

Revolut Business has emerged as a remarkably beneficial platform in recent years. Much of this success is attributed to its highly efficient desktop and mobile-friendly website and smartphone application.
Notably, the Revolut Business desktop and mobile-friendly website as well as smartphone application receive remarkable acclaim with astonishing ratings and reviews on both the Google Play Store and Apple App Store.

In conclusion, Revolut Business undoubtedly provides financial solutions that simplify money management. Embracing these platforms can significantly streamline your financial operations as business finance continues to evolve.

Parameters	Revolut	Wise	Monzo		Qonto	N26	Starling Bank
Account type	Multicurrency business account for companies and freelancers	Multi-currency e-money account linked to debit card	Current business account managed online		Digital bank account and cards	E-money bank account with premium services and money management tools	Current account:Joint, Euro, and teen account Business banking:Sole trader and business account
Country of Origin	London, United Kingdom	United Kingdom	London, United Kingdom		France	Berlin, Germany	United Kingdom
License and Authority	Lacks a standard banking license or FSCS protection; however, they operate under FCA's Electronic Money Regulations 2011 as an Electronic Money Institution (EMI).	Without a standard banking license or FSCS protection, they operate under FCA's authorization as an Electronic Money Institution (EMI).	Authorized under the Prudential Regulation Authority (PRA) and managed by the Financial Conduct Authority (FCA).		It is licensed and supervised by the French Autorité de Contrôle Prudentiel et de Résolution (ACPR).	It is licensed and authorized by the European Central Bank.	It is covered under the statutory Deposit Guarantee Scheme and protected by Financial Services Compensation Scheme (FSCS).
Eligibility	Registration: The company and owner must be registered and physically present in a list of countries only. Business type: Any type of business, including businesses, freelancers, small businesses, and sole traders	Age: Anyone above the age of 18 and valid ID Nationality: The customer's nationality is not a concern, but the services may vary accordingly. Citizenship: Must be a tax resident of the UK and no other country		Citizenship: Must be a tax resident of the UK and no other country	Age, Nationality & Citizenship: It varies from partner to partner depending on history, time, location, and revenue.	Age: Must be above 18 Citizenship: Must be a citizen of the platform-supporting country.	Age: Above the age of 16 Nationality: Have a UK address, and all nationalities are welcome to join; Citizenship: Not required to be a specific UK tax resident.
Mobile Application	Yes	Yes	Yes		Yes	Yes	Yes
Cryptocurrency Dealing	Yes	No	Yes		Yes, but regulated	Yes	No
Virtual/Digital Cards	Yes	Yes	Yes, but only with plus and premium membership		Yes	Yes, it is generated on the N26 app	Yes
Physical Cards	Yes	Yes	Yes, for Monzo, they are called Flex cards		Yes	Yes, only on paid memberships, which arrive in approximately 3 to 10 days.	Yes, it comes within 5 to 7 business days as a MasterCard debit card.
Pricing Plans	Free: Free Grow: £19/month Scale: £79/month Enterprise: Custom	No monthly fees or subscriptions, and free registration with percentage charges on using services typically varying between 1% to 4%	Monzo: Free Monzo Plus: £5 per month Monzo Premium: £15 per month Each plan has extensive benefits.		Basic: €9/month Smart: €19/month Premium: €39/month	Standard: Free Smart: €4.90 per month You: €9.90 per month Metal: €16.90 per month	There are no particular charges for joint, current, Euro, or business accounts; however, charges apply per usage of services. A US dollar business account charges £5 per month, paid in advance.
Cash Deposits	Not available	Not available	Yes, through PayPoint locations across the UK		No	Yes, with limitations	Yes, through post office branches.
Number of Holdable Currencies	36+ currencies	54 currencies in 80 countries	Only British pounds can be held in the account, but the card can be used for foreign currency payments.		14 currencies in 34 nations	Only Euro currencies but foreign payments are possible.	Funds can be received in GBP and Euros, while outgoing transfers can be sent to 36 countries using up to 20 currencies.
Advantages	1) Business accounts for freelancers and sole traders. 2) 24x7 customer support 3) It has a desktop and mobile-friendly website as well as smartphone application to manage funds and use services.	1) User friendly 2) Timely cash receipts 3) It has fast transfers and no markup rates.	1) It becomes your main bank account. 2) Withdrawal is unlimited inside the EEA. 3) Human customer support		1) Can set transaction limits for each card 2) Real-time expense tracking 3) Offers individual account manager for support	1) 100% online mobile bank 2) Less or no foreign transaction fees 3) Any currency ATM withdrawal from anywhere	1) Completely accessible through a mobile application 2) No overseas withdrawal or transactional fees 3) Instant notifications
Disadvantages	1) No lending service or credit facilities 2) No manual support or human interaction	1) High transfer fees. 2) It has limited client support.	1) Charges fee for cash deposits. 2) It can only be accessed through a mobile application.		1) It is not exactly a bank but a financial institution. 2) Expensive services and primarily focused on French citizens.	1) It has limited customer support and no telephonic contact. 2) No financial guarantee from Brexit.	1) Account opening facility for UK residents only. 2) Features are limited to different plans and subscriptions.
Geographical Location and Focus	Revolut Business is centred around the UK, European Union, the US, and Australia.	It has a broad geographical reach across continents in 75+ countries.	Primarily in the UK region only, recently expanded to the US.		France, Italy, Germany, Spain	It is mainly centred around European continent nations and Scandinavian countries.	Legal and available for usability in different countries across the globe on multiple continents.
Physical Branches	Revolut business has no physical branch or customer office.	It is a non-bank payment provider	No		No	No physical branch or customer office.	They do not have a physical branch but share an address in case their account holder needs to mention it anywhere.
Customer Reviews	Glassdoor: 4.3 out of 5 TrustPilot: 4.3 out of 5 Google Play: 4.5 out of 5 App Store: 4.9 out of 5	Glassdoor: 4.2 out of 5 TrustPilot: 4.3 out of 5 Google Play: 4.8 out of 5 App Store: 4.6 out of 5	Glassdoor: 3.9 out of 5 TrustPilot: 4.2 out of 5 Google Play: 4.2 out of 5 App Store: 4.6 out of 5		Glassdoor: 4.3 out of 5 TrustPilot: 4.6 out of 5 Google Play: 4.4 out of 5 App Store: 4.8 out of 5	Glassdoor: 3.6 out of 5 TrustPilot: 3.1 out of 5 Google Play: 3.6 out of 5 App Store: 4.6 out of 5	Glassdoor: 4.0 out of 5 TrustPilot: 4.3 out of 5 Google Play: 4.4 out of 5 App Store: 4.9 out of 5
Maximum Limit	Revolut business has no limit on most currencies regarding the size and number of transactions or funds kept in the account.	It does utilize usage tiers based on verification levels and usage history.	Age limit: For account holders below the age of 16 or 17, a maximum of £500 every six months. Others: Deposits a maximum of £1,000 every six months.		One card: maximum pay up to €20,000 and withdrawal up to €1,000 every calendar month. Plus card: maximum pay up to €40,000 and withdrawal up to €2,000 every calendar month.	It has a predetermined maximum limit for financial services like card payments, cash withdrawals, and transfers.	Has a spending limit of £10,000 per day.
Security Level	All card payments are processed through MasterCard and VISA systems, and the funds are FDIC insured up to $250,000 via Metropolitan Commercial Bank.	It has teams monitoring errors and securing data protection—two-factor authentication.	It is always following high street banks. It Uses STRIDE and OWASP Threat Dragon for threat modelling systems.		Only one phone per profile can be linked. It uses Strong Customer Authentication (SCA) and the second Payment Services Directive (PSD2).	Fingerprint and facial recognition, including the MasterCard identity checks online payments, and 100% secure.	3D Secure serves as an extra layer of security. It operates with push notifications to approve the transaction directly in-app.

Revolut Business & Competitors (2024)