Revolut Business reports strong growth in Australia with 11x revenue increase YoY
Since its launch in Australia in 2023, Revolut Business has seen a strong growth momentum. In the most recent quarter, Revolut Business saw revenue increase by 11x and transaction volume increase by 10x year-on-year.
Revolut Business was also recently named the winner of the B2B Innovation category at the 2024 Finder Innovation Awards
This growth and success coincides with scaling its operations and footprint in APAC, with the recent launch of Revolut Business into Singapore and hire of Sales veteran Sara La Mela, from Canva, to lead APAC Sales.
Globally, Revolut Business annualised revenues now surpass $500M, with the platform onboarding 20,000+ companies on average each month.
Melbourne, Australia, 12 November 2024 - Revolut, the global fintech with over 45 million customers worldwide, reports strong growth in its business-to-business (B2B) offering, Revolut Business, in Australia. In the most recent quarter (July-September 2024), Revolut Business saw an 11x increase in revenue and a 10x surge in transaction volume in Australia.
Revolut Business launched in Australia in 2023, providing Australian companies with the most affordable way of operating a global business through a comprehensive suite of features including multi-currency accounts, virtual and physical debit cards, expense management and automated accounting. In 2024, Revolut Australia expanded its Business services to sole traders, who make up about one-third of all Australian businesses, boosting Revolut’s addressable market by roughly 60%.
Revolut Business was also recently named the winner of the B2B Innovation category at the 2024 Finder Innovation Awards, with its app recognised for improving the way Australian businesses manage their finances and get the most out of their money.
Building on this momentum, further product innovation will include:
Revolut Business 5 - the fifth generation of its innovative platform, designed to meet the evolving needs of modern businesses. Revolut Business 5 introduces enhanced features for easier financial management and a reimagined user experience across both mobile and desktop.
Card customisation - Businesses will soon be able to add their company name, logo, team members, and / or a unique design to their physical cards for an extra professional touch that promotes their business.
Invoices - This feature will enable businesses to create custom invoices with built-in payment methods that help customers settle up quickly. Businesses will soon be able to track them each step of the way, and maintain a healthy cash flow.
Revolut also recently hired sales veteran, Sara La Mela, from Canva, as Head of APAC Sales for Revolut Business. Based in Sydney, Australia, Sara is responsible for leading and building a high-performing sales team, driving accelerated growth across Australia and Singapore.
Sara La Mela, Head of APAC Sales for Revolut Business, said: “Throughout my career, I’ve worked for some of the world’s leading software providers and the pace in which Revolut Business has been able to deliver immediate and tangible benefits for customers is second to none. With the support of our growing customer base behind us, we’re laser focused on transforming the way Australian businesses manage their finances so they can get the most out of their money.”
James Roberts-Thomson, Head of Revolut Business in Australia, added: “Australia is Revolut’s fastest-growing market in the retail space, and we are well on track to replicate this success in the B2B space. We have our ears close to the ground, always listening to our customers and constantly seeking ways to enhance our offerings to better serve their needs. We are humbled by the incredible growth we've seen so far and we know that this is only the beginning."
Launched in 2017, Revolut Business continues to expand its footprint globally with the recent launch in Singapore – benefitting global businesses with Singaporean operations and introducing a tech-first solution to a market underserved by legacy banks. This move brings the total number of markets where Revolut Business is live to 40. Most recently, Revolut Business has announced the launch of Revolut Terminal, a new, powerful Point of Sale device aimed at helping larger businesses and retailers in the UK and Ireland accept in-person payments. The accelerated growth of Revolut Business is set to continue, with over 20,000 new businesses onboarding each month, joining hundreds of thousands of monthly active businesses. Revolut Business global annualised revenues now surpass $500 million.
Manuel Soto Gaspar, Head of Operations, Revolut Business, said: "Revolut Business is rapidly expanding, driven by our mission to transform business finances worldwide. In the past year, we've made major progress toward becoming the top finance automation platform, with recent launches in Singapore and strong growth in Australia, as the APAC region continues to play a pivotal role in Revolut’s global expansion strategy. Supported by a growing customer base, we're doubling down on investment in the region and remain committed to delivering innovative B2B solutions. Our success is built on years of experience serving millions of retail customers, and now we’re ready to transform the future of finance for even more businesses globally."
Revolut Business is part of Revolut's Australian suite of financial products, which include a money management app and a suite of investment and travel features designed to enhance the experience and security of consumer sending, spending and saving of money at home and abroad.
For more information about Revolut Business, or to sign up, visit the company's website at https://www.revolut.com/en-AU/business/business-account/
About Revolut Business
Revolut Business is the automated financial platform for businesses, helping startups, scale-ups and enterprises accept and make payments globally, exchange money at great rates and manage their spending.
Our mission is to be the one platform for managing all business finances. Launched in 2017, today hundreds of thousands of businesses rely on Revolut Business to run their businesses and as a platform for growth. To learn more, visit https://www.revolut.com/business/.
