Revolut Business, the business version of the fintech app with over 500,000 customers worldwide, has launched a new feature called “Expense Management” to help control and manage expenses of teams.
Revolut Business’ new feature to better manage business expenses
This new tool is already available across Europe and also in the UK, both on mobile (iOS and Android) and on the web version.
Following the launch of Payroll for UK customers last February, Expense Management is already the second major introduction this year for Revolut Business, the super app whose mission is to provide everything businesses need to run their business, in one place.
All expenses can thus be controlled at all times, thanks also to the free issuing of physical and virtual debit cards on each of which a different spending limit and authorization can be set.
Some time ago, Revolut had already included another business feature called “Expenses” precisely to have more control over business expenses and reduce unauthorized spending.
James Gibson, Head of Product at Revolut Business, commented:
“Companies are usually wary of providing cards to staff because it is considered risky or an ineffective way to control flows. But having few cards shared by the team can increase the risk of fraud and slow down operations. We started from here to design a new functionality that would give companies real control over their funds and prevent overspending”.
Data analyzed by the company on the use of the platform
According to the press release issued today, companies using Revolut Business conducted 7.4 million transactions worldwide last year, almost double the previous year’s figure (+97%).
The average amount/transaction increased by 66% in 2021 compared to 2020, while the average number of transactions made by a business customer per year increased by 60%.
Revolut Business was launched in July 2017 across Europe and from 2021 started developing new features with QR codes, payment links and so on to have new remote payment solutions due to Covid-19.