The news: Revolut unveiled an invoicing feature for its app that small and medium-sized businesses (SMBs) can use for every step of their collections processes. The feature—available in the UK, Ireland, and parts of continental Europe—lets SMB customers create, send, and track customized invoices. Additionally, Revolut is giving SMBs several choices to accept payments, including from bank transfers, credit or debit cards, and Apple Pay.
More on this: The invoicing feature includes automatic reconciliation and SMBs can receive payments, which will be deposited into their Revolut bank accounts, at any time. Thibaut Genevrier, head of product at Revolut business acquiring, cited interest from customers as a reason why invoicing has been added.
Invoicing is Revolut's second new SMB feature this month, coming on the heels of its new currency forward contracts, which let customers manage foreign exchange fluctuations by locking in rates and amounts for future dates.
The takeaway: The invoicing feature marks Revolut’s latest step to bill itself as a “financial super app,” which it is pushing in the SMB space and on its consumer banking side.
By rapidly fleshing out its SMB offerings to become a financial hub for businesses, Revolut is enabling itself to both make a play for new SMB clients and build loyalty with existing ones. This could benefit the neobank’s bottom line greatly by creating a large, loyal customer base into which Revolut can cross-sell future profit-driving products, like loans.
