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Tracking fintech, banking & financial services innovations since 1994
If your company has a cumbersome expense management process, then you will welcome the news that Revolut for Business has introduced a new solution to make those issues a problem of the past. Courtesy of a new partnership with fellow Finovate alum Xero, the expense management tool provides real-time expense monitoring, and the ability to approve or reject team expenses.
“The potential for expense management to turn into one big ugly mess is high,” Revolut Marketing Manager Aaron Larsson wrote on the company’s blog. “That’s why we’re proud to introduce our new Expense Management tool to Revolut for Business.”
Revolut’s new tool makes the expense management process easier for team members, finance teams, and accountants. Available within the Revolut for Business app, the tool enables users to record expenses with a simple push notification and a photograph of the receipt, and helps finance teams track expenses more accurately.
Revolut customers that are not Xero users can also take advantage of the expense management tool by creating their own categories and exporting expenses as a CSV file. Revolut noted that it plans to feature additional integrations to offer more accounting resources.
Making its Finovate debut at FinovateEurope in 2015, Revolut has grown into an alternative digital bank offering a mobile current account that can be used to hold, exchange, and transfer funds in 29 different currencies. without fees. The account includes a variety of financial management tools including budgeting, instant spending notifications, and a spare change “stash-away” feature to support incidental saving. More recently, Revolut has added stock trading functionality to its app.
The company launched Revolut for Business in 2017 to extend the benefits of digital, API-powered banking services and streamlined, affordable international payments to small businesses and freelancers. The initiative signed up 16,000 business accounts in three months and, in its first year, helped companies save more than $14 million in fees. Last month, the company announced that Revolut for Business would add two new business account plans with no monthly subscription fees. Revolut also made price structure changes to include a customizable model that gives businesses more control and a better value.
Founded in 2013 and headquartered in London, U.K., Revolut has raised more than $336 million in funding from investors including DST Global, Future Fifty, and Lakestar. Nikolay Storonsky is founder and CEO.
Alternative banking provider Revolutannounced the roll out of commission-free stock trading on its app today. Starting today Revolut Metal customers in the U.K. and Europe can buy and hold shares of 300+ stocks listed on the NYSE and NASDAQ directly from the Revolut app.
The feature is powered by DriveWealth, which is registered as a full-carrying and clearing broker-dealer and will help Revolut navigate the complexities of brokerage. New Jersey-based DriveWealth offers a suite of APIs that allow companies across the globe to help their users invest in the U.S. stock market. The firm provides digital investment products for brokerages to offer clients as well as a brokerage service offering dollar-based, real-time investing.
Overall, Revolut is making stock market investing more inclusive. Trades are free, the annual custodian fee totals 0.01% (when others in the industry charge 0.25% to 1.5%), and there are no account minimums. At launch, all fees are waived for eligible customers during the beta period. The company did not specify when it plans to implement fees but said, “These will come into effect later, and we will communicate with you in advance about when that will be.”
Revolut said it is most proud of integrating the ability to buy partial shares of stock. Fractional share investing, one of DriveWealth’s flagship features, allows users to purchase a small portion of a stock. This democratizes investing by making a stock like Amazon, which trades at almost $1,900 per share, more accessible to investors with lower capital.
Another badge of honor is that trades can be made instantly, meaning users will pay the asking price of a stock when their order hits the market. And, specific to Revolut, users can fund their trading account in multiple currencies and benefit from the interbank exchange rate.
The trading feature not only helps Revolut compete with banks, but also helps the company build its user base for its Metal account. Launched last August, the Metal account offers users 100 free trades per month, along with a host of other features, for $14.99 per month.
In the future, Revolut plans to open trading to users outside of Europe, offer ETFs and other new products, and introduce European stocks. Additionally, the company will open up free trades to Premium and Standard customers, who will be able to make 8 free trades per month and three free trades per month, respectively. This variance is representative of Revolut’s tiered pricing model, which offers free Standard accounts while charging $9.99 per month for a Premium account.
Adding Revolut as a client is another notch in the belt for DriveWealth, which last month partnered with Sigma Securities and Trove Technologies to offer digital U.S. equities trading in Nigeria. Last August, DriveWealth collaborated with fellow Finovate alum Bambu to launch a white-label roboadvisory platform for U.S. wealth managers. Other DriveWealth clients include MoneyLion, Vested Finance, and INVSTR.
At FinovateAsia 2016, DriveWealth released a new API to enable partners to offer a robo advisory product suite and a self-directed equity investing platform. Robert Cortright is CEO.
As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.
Central and Southern Asia
Indian financial services marketplace MyMoneyMantra raises $15 million in funding.
Razorpay, a payments solutions provider based in India, reports a 40% increase in the number of digital transactions in the country during the second quarter of 2019.
Credit Suisse and NASSCOM agree to promote the growth of Indian fintech startups.
Latin America and the Caribbean
Mambuforges partnership with its first Brazilian customer, Acesso.
MercadoLibre announces plan to allow users of its e-wallet in Mexico to earn interest on funds saved on the app.
Bloomberg looks at Goldman Sachs’ Special Situations Group and its pursuit of investment opportunities among Latin American fintechs.
China Merchant Bank to deploy regulatory reporting technology from Wolters Kluwer.
Philippines Union Bank picks Refinitiv to power its electronic trading business.
Samsungpartners with a cohort of South Korean banks on a blockchain-based digital identity project.
Central Bank of Kenya reaches fintech cooperation agreement with the Monetary Authority of Singapore.
Standard Bank leverages mobile teller technology from Infosys Finacle.
Kenyan payment solutions provider WAPI Pay pledges to support faster adoption of Wechat Pay and Alipay across Africa.
Central and Eastern Europe
Czech Republic’s Twistoannounces plans to expand to Poland this fall, with expansion to Romania to follow.
Revolutmakes Apple Pay available to its customers in Hungary.
Austrian insurtech Bsurance and fintech Cashpresso team up to provide automatic buyer protection Cashpresso customers.
Middle East and Northern Africa
Nasdaq and Iraq Stock Exchange ink new market technology agreement.
Emirates NBD’s Liv leverages gamification to raise money for charity.
Abu Dhabi Global Market’s Financial Services Regulatory Authority issues guidelines for robo advisors operating in ADGM.
TrueLayer, provider of financial APIs, has integrated with Revolut to enable the secure access of financial data via open banking, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).
Money management app, Emma, will be one of the first companies to use the new integration. Emma’s customers will now be able to use their Revolut account information to track their spending in real time.
Account information will only be accessible when a customer chooses to use a new product and actively agrees to share their information.
Francesco Simoneschi, CEO and co-founder of TrueLayer, said: “We’re increasingly seeing how open banking is uniting successful companies so that they can offer more and more great services to consumers.”
Edoardo Moreni, CEO and co-founder of Emma, added: “Our users can now have access to all their balances, see the exact conversion in pound and manage their money like never before.”
TrueLayer’s partnership is its latest milestone in 2019, with the recent announcement of a $35 million funding round led by Tencent and Temasek.
It recently expanded across Europe to Germany, France, Italy and Spain, the launch of payment initiation capabilities and partnerships with companies including Zopa, ClearScore, Plum, CreditLadder, Canopy, and ANNA Money.
Revolut demonstrated its platform at FinovateEurope 2015. Founded in 2013 and based in London, U.K., the company has raised more than $336 million in funding. Future Fifty, DST Global, and Draper Esprit are among the firm’s investors.