James, according to your communication, Revolut Business has about 10,000 corporate customers in Switzerland. Who are these companies?

We serve a full range of businesses—from single-person entrepreneurs and solopreneurs to international corporates. Our core clients tend to be companies with between five and fifty employees and an annual turnover of roughly one to ten million. Most of them have some international exposure: Swiss businesses that buy from Europe or sell into the UK, for example. They typically use our product to manage foreign currencies—our multi-currency account lets them exchange money at interbank rates and make global payments. And increasingly, they rely on us for their day-to-day banking needs. In fact, around half of our global business customers tell us Revolut is their primary business account.

Is that figure also valid for Switzerland?

That 50 percent is a global number. In Switzerland, it’s likely a bit lower—around 40 percent—but still quite significant. We’re not just a tool for the occasional UK payment. We’re a fully functioning business account used on a daily basis.

To put that into perspective: how many business customers do you have globally?

We have hundreds of thousands of daily active business users on our platform. Less than five percent of those are based in Switzerland, but it’s one of our fastest-growing markets. And with the recent product launches we’ve made, we expect that growth rate to continue increasing.

«As we expand our footprint in Switzerland, our ambition is to grow our local team.»

What’s driving that growth? Is it digital onboarding? The currency exchange functionality?

There are a few things that really resonate with customers. First, the idea of an all-in-one business account—everything you need in one place, and accessible through a very user-friendly web and mobile interface. Onboarding is quick and simple. Then there’s the ability to control spending. Businesses can set limits, define approval rules, and generally feel confident about how money is being used—especially when it comes to corporate card spending, which many of our clients use for advertising or daily expenses. And then there’s the FX component. You can send money around the world in over 30 currencies and get interbank rates while doing it. That’s often the initial hook—especially for Swiss SMEs doing business across Europe. It’s a real game changer.

We’ve heard you can open accounts in many currencies instantly. Is that still a standout feature?

Absolutely. The ability to manage multiple currencies and send payments in over 30 of them solves real problems—problems that many other providers don’t address.

Some of your customers contacted us about US dollar payments. Apparently, it used to be possible to receive them through a local US account, but that feature is no longer available. Will it return?

Yes, it will. The change is linked to a broader shift: our Swiss customers are now being served through our European bank, Revolut Bank UAB. That move came with a lot of benefits—like the ability to issue local Swiss IBANs—but it also meant temporarily disabling the local USD receiving feature. We’re actively working to bring that functionality back within the next three months.

Recently, you launched access to foreign currency money market funds for Swiss businesses. In the current strong-franc environment, that seems like a hard sell—even with 4 percent yields on pound sterling. What’s the thinking behind it?

We introduced the product because a lot of businesses told us they wanted a way to invest surplus cash instead of leaving it idle. You're right—it’s not in Swiss francs, so it’s not for everyone. But adoption has been quite fast. If you’re a startup in Switzerland that raised money in USD, or you operate in foreign markets and hold funds in other currencies, then it’s very useful. But yes, if your aim is to hold everything in Swiss francs, it’s not the right product. That’s why we’re working on offering local savings options in the future—including in Swiss francs. It’s not around the corner, but it’s on the roadmap, and we hope to launch something within the next year.

«We’re working on offering local savings options in the future—including in Swiss francs.»

What else are you preparing for the Swiss market?

We’re focusing on three developments. First, we’re planning to launch a Euro-denominated savings account—not a money market fund, but a more traditional cash savings product. Second, we’ll introduce our acquiring and merchant solutions, allowing businesses in Switzerland to accept card payments, including with physical terminals. And third, we’ll be launching our FX Forwards product, which lets businesses lock in future exchange rates. Both of those are expected by the end of the year. . Given how much Swiss businesses trade with Europe and the UK, we’re seeing strong demand for that already. All of this reflects our broader strategy: we’re really investing in Switzerland now. It’s become one of our most important markets.

Are these merchant solutions—like payment terminals—developed in-house?

Yes, they are. We do collaborate with hardware manufacturers, but the product itself is ours. It’s not a white-labeled version of someone else’s solution. It’s fully integrated into our platform.

That’s going to be interesting. In Switzerland, the terminal market is dominated by the former SIX Payment Services, now Worldline. How do you plan to gain market share there?

Most European markets have dominant incumbents—France, Germany, the UK included—and yet we’ve still managed to grow in those places. Our edge is that we’re more digital, easier to use, and very competitively priced. We aim to be the best in the market in terms of cost and usability. Plus, we offer a fully integrated account. Businesses don’t need a separate Stripe account, a Swiss bank account, and maybe another one in the Eurozone. With us, everything’s on one platform. Money moves in real time, and you can see your entire financial picture in one place. It removes a lot of friction.

«You can send money around the world in over 30 currencies and get interbank rates.»

How do you acquire Swiss corporate customers? Are you running campaigns or relying on word-of-mouth?

Until recently, it was entirely word-of-mouth. But in the past two months, we’ve started spending money to acquire customers. We’ve built up a sales team and we’re testing other growth channels. That said, one of the biggest drivers remains the personal Revolut app. About 10 percent of the Swiss population has it. Many of them are entrepreneurs who realize it works well for their private needs—and then they start thinking it could work for their business too. That creates strong organic growth.

Is your sales team for corporate customers based in Switzerland?

As we expand our footprint in Switzerland, our ambition is to grow our local team, in particular for roles where local expertise is required.

What kind of growth are you aiming for this year and next?

My general benchmark is 100 percent year-on-year growth. For Switzerland specifically, doubling our business customer base in the next 12 months would be a big success. It’s ambitious—especially since we’re building from a relatively low base—but that’s the target we’ve set.

James Gibson joined Revolut in 2017 as Business Development Manager. Since 2020, he has been General Manager of Revolut Business and, since 2021, a Partner at Revolut. Before joining the fintech, he worked as a management consultant at Oliver Wyman. Gibson studied Philosophy, Politics and Economics at the University of Oxford.