Revolut announces the arrival of French IBANs for its business clients in France

(Boursier.com) — Revolut announces the arrival of French IBANs for its business clients in France. This news follows the introduction of a number of new products across Europe including Revolut Reader, Apple Tap to Pay, limit and stop orders and many others.
French IBANs, which are more widely accepted by utility providers and tax authorities, will make it easier for French businesses to make direct debit payments and avoid complex administrative formalities.

So far, some Revolut Business customers may have experienced discrimination with their Lithuanian IBAN. For example, service providers could refuse to accept an IBAN from a different country within the Single Euro Payments Area (SEPA). By transferring French business customers to the French branch of Revolut Bank UAB and providing them with a French IBAN, Revolut puts an end to this problem.

Companies that are already Revolut Business customers have already received or will automatically receive a French IBAN in the coming weeks. New Business customers will receive the IBAN starting with FR directly when opening the account.

The rollout of French IBANs for business customers comes during a period of strong growth for Revolut Business in France, with a year-on-year increase of more than 50% in the number of new Business customers. The overall development is not to be outdone: total revenues generated by Revolut Business have increased by more than 120%, customer growth by 65% ​​and the number of employees by around 20%.

Growth was driven by companies across various sectors in France, including technology, fashion, marketing and real estate. French businesses benefit from Revolut Business tools that allow them to control their team cards, expenses and analytics in a single app and do business globally, while saving money with transfers, payments and currency exchanges at the best market rates.

The new IBANs are part of a general expansion of Revolut Business, and will arrive in new markets in the coming months.

Clémence Fredenucci, Head of Growth at Revolut Business France: “Since the launch of Revolut Business in 2017, we have expanded our portfolio of products and features, with the aim of providing our business customers with a comprehensive platform to effectively manage all their finance. We are delighted to be able to offer local IBANs to business customers in France and to continue to expand our service. France is a key market, adoption rates are excellent and we continue to look for ways to support French businesses which operate in France and abroad.”