focus on the global expansion of its retail banking operations, but recently rolled out small business accounts in both the UK and the US, with plans for additional markets. The offering extends premium retail features to its SMB customers while adding invoicing, payroll, payment acceptance, supplier payments, and API integration for third-party services like Xero and Slack.
Additionally, in the US Revolut charges $49.99 per month for the top business subscription tier, $33 more than its retail product. Scaling the premium business product alone would add significant recurring revenues that the neobank could not tap through retail customers alone. Neobanks that expand into SMB lending have a greater revenue opportunity than solely with SMB account and services bundles. At least up until the pandemic, lending to SMBs has proven a profitable niche for neobanks. OakNorth Bank, for example, caters to small businesses and entrepreneurs with savings accounts and loans, offering loans between £500,000 and £45 million for SMBs.
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