Revolut, a British financial technology company that provides accessible banking and financial solutions, is releasing a premium version, Revolut Pro.
The company claims that it will focus on the financial management needs of freelancers. Dubbed as a “financial super-app,” Revolut has garnered more than 20 million retail users worldwide.
What Is Revolut Pro?
Revolut Pro is a specialized income, payment, and cost management application. It is similar to the existing service Revolut Business.
As a premium version of the Revolut retail app, it will benefit the growing number of freelancers, sole proprietors, contractors, and self-employed people seeking a more convenient, effective, and easy way to manage their business finance.
Features Of Revolut Pro
Here are some of the crucial features of Revolut Pro listed below:
- No Monthly fees or Minimum Balance: Revolut Pro is a free account that does not require monthly fees or regular deposits and comes without minimum balance requirements.
- Cashbacks: Opening an account will offer users a 1% cashback on their debit card. The account opening is simple and fast, as it can be accessed through the Revolut app in under 2 mins.
- Track Expenses and Invoices: Revolut Pro allows users to keep a tab on the total ingoings, outgoings, expenses, and invoices.
- Instant Payments to other banks: Users can send transfers or instant payments swiftly and securely to other Revolut accounts and external banks.
- No Need for a Full-fledged Business Account: Finally, Revolut Pro enables Customers to manage business funds without requiring a full-fledged business account. Freelancing accounts and regular bank accounts can coexist, giving customers more freedom and less hassle.
- Multi-Currency Payments: Besides fast money transfers, Revolut Pro supports multi-currency payments. Users can trade in multiple currencies using a real or virtual card, Google Pay, and Apple Pay. It enables freelancers to accept payments on the go as more companies and customers switch to electronic payments and cards.
Eligibility For Revolut Pro
Persons eligible for opening a Revolut Pro account if they
- Already have a Revolut Personal account
- A self-employed person
- Promise to use your Revolut Pro account for business purposes
- Pass Revolut’s authentication procedure while onboarding
The company has also strongly urged customers not to use their accounts for illegal purposes such as pornography, buying weapons, cryptocurrency trade, debt collection, etc.
Why Was It Needed?
The ideas of workspace, work ethics, and structure is evolving in the post-pandemic world economy. It is increasingly becoming adaptable, employee-oriented, and goal-focused. More workers opt to work for themselves as independent contractors and freelancers. The rise of the gig economy is also worth noticing as it holds.
Enterprises and businesses are adapting their work code to be more inviting to decrease their attrition rate. They are willing to spend more on freelancers.
On the other hand, Developing services to satisfy the changing needs of the modern, flexible worker has been a slow process for traditional banks. Revolut aims to fulfill this gap by extending multiple features that all gig workers and freelancers could use.