The product integrates account-to-account, online and in-person payments within a core business account, enabling businesses to manage their entire payments operation from a single platform, the company said in a Wednesday (Feb. 4) press release.
The merchant acquiring suite offers online and in-person tools for both small and medium-sized businesses (SMBs) and large enterprises, according to the release.
Its components include Tap to Pay on iPhone, the all-in-one payments terminal Revolut Terminal, the option to integrate the one-click account-to-account checkout solution Revolut Pay into online checkout, and the ability to accept all types of online payments via application programming interface (API), payment links and invoices, per the release.
The merchant acquiring suite will provide a solution for the 83% of Australian businesses that have said they want to save time processing finance administrative tasks, James Roberts-Thompson, head of Revolut Business Australia, said in the release.
“This launch marks a genuine step-change in how Australian businesses can manage payments,” Roberts-Thompson said. “Revolut Business exists to redefine what’s possible for business banking — replacing complexity with clarity, high fees with fairness, and slow systems with global innovation.”
Revolut announced in November that it had completed a share sale that gave it a valuation of $75 billion, up from $45 billion about a year earlier.
“This milestone reflects the remarkable progress we have made in the last 12 months towards our vision of building the first truly global bank, serving 100 million customers across 100 countries,” Nik Storonsky, Revolut’s co-founder and CEO, said at the time in a press release.
Revolut said in September that it had accelerated its global expansion strategy and made significant progress on licensing across Latin America, Asia-Pacific, Africa and the Middle East.
“From our roots here in the U.K., we’ve grown to serve over 65 million customers globally and today’s opening of our new Global HQ in London is the launchpad for our future,” Storonsky said at the time in a press release. “This HQ will be central to driving our growth towards our next milestone of 100 million customers.”
Revolut also said in September that Revolut Business continued to grow and had recently hit $1 billion in annualized revenue.
“Combined with the impressive growth of the platform’s acquiring arm, now processing over 4 million monthly payments for merchants, Revolut Business has solidified its position as a global leader in the B2B FinTech space,” the company said in the release.
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