Revolut launches Revolut Pro account for income, payment and expense management for freelancers, gig workers and the self-employed
Product & feature · September 20, 2022
- Revolut Pro provides a free business account for self employed within the Revolut retail app, offering greater access and convenience for independent professionals generating income through freelance work
- Revolut Pro also offers a dedicated IBAN and 1% cashback debit card, and enables multi-currency payment acceptance using QR codes, payment links and invoice templates
- Revolut Pro users in the UK and IE can use the Revolut Reader to accept payments, Revolut’s own physical card reader
Revolut, the global financial super-app with more than 20 million retail customers, today launches Revolut Pro.
A dedicated income, payment and expense management account within the Revolut retail app, Revolut Pro caters for the growing number of freelancers, sole traders, contractors, and self-employed individuals looking to more easily, efficiently and conveniently manage business funds.
The world of work is becoming more flexible. Workers are increasingly choosing to work for themselves, as freelancers or in the gig economy. Businesses are increasing their freelancer budgets in the UK. Meanwhile nearly one in six working adults are estimated to now work in the gig economy at least once a week. Legacy banks have been slow to develop services to meet the evolving needs of the modern flexible worker who often require more sophisticated services than retail or consumer accounts but cannot afford or do not need the complexity of a full business account.
Initially launching in the UK and seven other European countries, Revolut Pro is a free account with no monthly fees, and no deposit or balance requirements. The account can be created in under two minutes within Revolut’s app, and offers a 1% cashback debit card. It also enables users to quickly and securely send transfers or instant payments to external banks as well as other Revolut accounts. With Revolut Pro, customers can manage their business funds without needing a fully-fledged business account.
Revolut Pro enables multi-currency payments with a physical or virtual card, Google Pay, and Apple Pay, in addition to money transfers. As businesses and consumers increasingly use digital payments and cards instead of cash, Revolut Pro enables independent professionals to instantly accept payments [either in-person with Revolut Reader or] online with QR codes, payment links, and by generating invoices and tracking their payments.
Maria Marti Garcia, Product Owner Revolut Pro, commented: “The explosive increase in gig workers, artists, bloggers, and the like alongside more traditional individual professions including private teachers, home service providers and fair vendors has driven demand for better ways for those working on their own projects, be it full time or part time, to manage income and expenses.
Revolut Pro is one of a number of offerings Revolut provides for business owners, enabling them to take greater control over their finances. Those with advanced needs can create a Revolut Business account, which provides additional features for businesses including team management, bulk payment options, API integrations, and connections with business and accounting apps.
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