• A survey of nearly 3,000 businesses revealed that business leaders across seven European markets believe traditional banks struggle to meet their financial needs
• Four out of five (79%) businesses have noted issues with ‘legacy banks’, including excessive fees, slow transactions, and poor mobile experiences
• Three out of five (64%) large businesses are worried they’ll be left behind by competitors without fintech support; nearly twice the rate of concern from respondents at smaller businesses (38%)
• Study comes as Revolut launches Revolut Business 5, its fifth product iteration built to meet the needs of modern large enterprises

Revolut Business, the global fintech trusted by hundreds of thousands of businesses, has published a study, conducted in partnership with Dynata, showing that international businesses are turning away from ‘legacy banks’ to manage their financial needs, echoing the sweeping changes seen in consumer banking. The findings come as the company launches Revolut Business 5, the fifth generation of its financial management platform for businesses.

The recent survey of 2,850* business decision-makers across Europe found that two-thirds (63%) of businesses believe 'legacy banks' are too slow for their financial needs. Nearly four out of five (79%) respondents have reported issues with ‘legacy banks’ including high fees, slow transactions, and poor mobile experiences, and three out of five (64%) large businesses** are worried they’ll be left behind by competitors without fintech support. These concerns are driving businesses toward fintechs like Revolut, where innovation and agility are founding principles.

Revolut is reinforcing its focus to support large enterprise clients with Revolut Business 5, which provides an enhanced user experience across both mobile and desktop platforms to meet the evolving needs of industry leaders. Revolut Business has been redesigned to save enterprises more time and money.

James Gibson, General Manager at Revolut Business, commented on the recent survey findings and emphasised Revolut Business’s capabilities: “When we started Revolut Business in 2017, we knew that businesses wanted a product that evolved with their needs and provided a customer experience you'd expect in this day and age. The demand for customer-orientated business accounts has only increased since then. As we launch Revolut Business 5, we know we’re giving customers the ability to find features faster, spend with precision, and manage payments easily. Revolut Business is continuing to grow, and look forward to welcoming more customers who are fed up with the existing status quo and want a solution that moves with the technology of the day.”

Revolut Business 5 offers faster navigation, personalised layouts, and easy access to card details and analytics right from the home screen. Updated features include B2B SEPA Direct Debits, streamlined payment tools for online and in-person sales, dedicated treasury tools for currency exchange, and multi-layered approval options for managing team spending across departments.

Revolut Business clients have already seen significant efficiency gains from the platform’s financial tools. Barry’s, a global fitness brand, shared its experience: “Since switching to Revolut Business' expense management tools we've been able to reduce our time spent on expenses from days to a few hours with increased control over VAT claims on expenses as well as clear spend trends and transparency.”

Revolut Business is already contributing 15-25% of the company’s gross profit, having recently signed major clients including Barry’s. The company also recently announced that global annualised revenue for Revolut Business have surpassed $500M. This growth is a testament to the demand for Revolut Business, as more companies turn to fintech for a faster, more flexible way to manage their financial needs.

For more information, please visit: https://www.revolut.com/business/

*Note: survey completed in October 2024 by 2,850 business decision-makers across the United Kingdom, Ireland, France, Spain, Poland, Romania, and Italy.

**Companies with more than 1000 employees were labelled as large enterprises in this survey

Disclaimer

As an electronic money institution, not a bank, customer’s money is not protected by the Financial Services Compensation Scheme (FSCS). Electronic money institutions, such as Revolut are required to safeguard any money received by customers. This means that customer’s money is either placed in a dedicated client money bank account held with a large global partner bank, or invested in low-risk liquid assets held in a dedicated client asset account via a large global financial institution.