business customers — Revolut is ramping up its efforts to attract business customers as part of an ambitious strategy to expand Revolut Business. Chief executive Nik Storonsky recently shared plans to position the company as the largest bank in the world, aiming to onboard 10,000 new business clients.
Business customers: A New Growth Engine
During an internal communication, Storonsky highlighted that Revolut Business is evolving into a significant growth driver for the company, contributing nearly 20 per cent of the group’s gross profit while serving over 800,000 customers. “What started as a new bet has become one of the core engines of the organisation,” he remarked.
Shifting the Business Banking Landscape
Unlike traditional banks that often consider business banking as a secondary focus, Revolut is making it a strategic priority. “To lead in this market, we are reshaping our operational and product strategy,” Storonsky explained, indicating a commitment to accelerate growth and enhance company value.
Innovative Product Development
The company is investing in faster product development, with plans to deliver enterprise-grade capabilities more swiftly. Key offerings like Titan and Revolut Pay will be scaled, while new application programming interfaces and investment products will be introduced. Additionally, Revolut is set to launch Credit for Business by 2027, further diversifying its product suite.
Strengthening Client Support
Operational scaling is another focus area, with the establishment of dedicated teams aimed at enhancing support for corporate clients. This includes improved onboarding processes to facilitate smoother transitions for new customers.
Ambitious Market Expansion Plans
From 2027 onwards, Revolut intends to roll out its business offerings concurrently with retail services in every new market it enters and for every banking licence it secures. This strategy reflects a commitment to integrating business and retail banking services seamlessly.
Accountability and Employee Engagement
To ensure the success of these ambitious goals, the company is introducing greater accountability across its teams. Designated heads of business will be responsible for key performance indicators and operational results. “As owners of Revolut, we all have a role in achieving these ambitious goals,” Storonsky stated.
Incentives for Staff Referrals
To further drive customer acquisition, the company is incentivising its employees to tap into their networks of entrepreneurs and business owners. For each business referral that successfully completes onboarding, employees will receive a reward of £1,000. Storonsky encouraged staff to contribute innovative ideas for future growth, underlining the importance of collaboration in reaching new revenue targets.
Commitment to High Standards
In his message, Storonsky emphasised the necessity of maintaining high standards across all products as Revolut pursues its global ambitions. “To achieve this, we must apply the same high standards everywhere and not settle for anything less,” he concluded, setting the tone for the organisation’s future direction.
