Do you ever get tired of cashing cheques and paying in money at your local bank? A digital banking company might just change that.
They are called Revolut, and so far have been a big success in the consumer banking market. Now they are eager to move into the business arena, with self employed people such as contractors, freelancers, gig workers and small business owners right at the top of their list.
So far, 12,000 businesses have signed up for the digital banking service offered by Revolut, and if reports are to be trusted this includes a few FTSE 100 companies.
You don’t have to be a big business doing millions of pounds a month to use Revolut though…it is open to any self employed person that wants to move their banking into the 21st century.
The service starts at only £25 a month, and then moves all the way up to £1000 a month depending on how much you are banking with them and what kind of customer benefits you receive. You get the first month for free to give it a try.
Once signed up, you get a business banking card that can be used in 25 different currencies and has no fees when used. Not a bad deal if you ask me, especially if you do a lot of business with clients and companies from abroad.
Traditional banks often take high fees for themselves if you receive money from abroad, and this usually comes with a terrible conversion rate. It appears that Revolut might just be the alternative option that self employed people in the UK have been looking for.
Not only that, but when you consider that most contractors and freelancers these days get paid online without any cash or cheques, then it’s easy to see why digital banking is now a viable solution.
The founder and CEO of Revolut, Nik Storonsky, had this to say…”I have great confidence that Revolut for Business will experience the same demand as our consumer service has.”
I’m sure it will Nik, and many experts agree with me, with some commenting that Revolut for business is a game changer.
Also, I’ve heard from some insider sources that Revolut are planning to use this as a springboard to get into mortgages and loans for the self employed.
This is definitely an area that is currently being under served, with many freelancers, contractors, gig workers, and small business owners out there who just can’t get the finance they need, despite making a decent amount of money every month.
Let’s wait to find out what happens with the mortgages and loans, and of course, with this new digital banking service. Something tells me it is going to be successful and we will hear a lot more about Revolut in the coming months.