Revolut Business is launching ‘Spend Management’ in the UK, the US and EEA. Spend Management is a powerful new suite of solutions to help CFOs and controllers manage their teams’ spending. The tools are available on both mobile and web for all Revolut Business customers.
After the launch of Payroll for UK customers this February, Spend Management is already the second bold category entry this year for Revolut Business, the fast moving super app on a mission to provide everything you need to run your business, in one place.
No matter the size of the company, Spend Management enables CFOs and controllers to closely manage all company expenses in real time.
With Spend Management, businesses can:
- Issue an unlimited number of physical and virtual debit cards free of charge on corporate accounts: ideal for decentralised teams in multiple locations or countries who need the freedom to spend fast
- Closely manage how much can be spent on each card with granular roles, permissions and spend controls. Limit spend to particular categories, set a limit for individual transactions, and set rules for how much can be spent in any given time frame
- Control which account each card draws from, in 28+ currencies across 100+ countries
- Monitor spend in real-time from a central dashboard
- Track and optimise cash flows and funds circulated by the staff through virtual and physical corporate cards
Together with Revolut Business’ existing Expenses solution, these new advanced spend controls for cards enable fast-growing businesses to manage their outgoings across multiple markets and currencies in real-time, reduce rogue spending, expense claims and reimbursements and provide clear limits and spend processes for their teams.
James Gibson, head of product at Revolut Business, commented: “Businesses are cautious about giving their staff cards because it’s considered risky or a poor way to control funds. But having few cards shared by the team can increase fraud risk and slow down operations. This was the premise we used to design a new feature giving companies real control of their funds and preventing overspending”.
Spend Management is part of the Revolut Business suite of solutions for enterprises of all sizes and in diverse industries, with e-commerce companies leading the way in adoption.
Arthur Edson, head of finance at Wild, commented: “Revolut Business is excellent for spend management. We manage all team expenses with cards, and set limits to control against rogue spending. I love how you can see all the spend in real time as it comes through. And the security is also great: as everything is linked to a central account, it’s good to be able to freeze cards instantly if they are ever lost”.
In 2021, Revolut Business customers made 7.4 million transactions globally, almost double compared to the previous year (+97 per cent). The average amount/ transaction increased in 2021 compared to 2020 by 66 per cent, while the average number of transactions made by a business customer per year rose by 60 per cent.
Last year, Revolut Business added a suite of new features and functions, including QR codes, payments in-person, and payment links. In the context of the pandemic, businesses needed solutions for socially distanced payments, and new additions to bolster Expenses features. These include the ability to snap a photo of a receipt and upload it to the app for easy expense management.
Revolut Business launched in July 2017 across the UK and Europe to provide customers with everything they need to run their business, in one app. Revolut Business customers spend less time on admin and more time focused on what’s important – their business.