The neobank Revolut is expanding its offering for business clients in Switzerland. Effective immediately, companies can open euro-denominated savings accounts paying up to 1.75 percent in annual interest – with daily payouts, no minimum deposit, and free withdrawals at any time.

Revolut is also adding support for QR-bill payments, the standardized Swiss invoicing format. Forward foreign exchange contracts are set to follow soon, the firm said in a media release Thursday.

Surging Demand

The new features are primarily aimed at small and medium-sized enterprises (SMEs). Revolut cited rising demand: Business client deposits are up 76 percent year-on-year, while monthly transactions have increased by 123 percent.

The expansion builds on the company’s existing offerings, such as virtual IBANs and money market-based investment solutions. The planned forward contracts are designed to help internationally active companies hedge currency risks – a service previously mostly available to larger firms.

Expansion Announced

James Gibson, head of Revolut Business, had already signaled the company’s expansion plans in Switzerland in a recent interview with finews.com. He highlighted the strong potential of the Swiss SME segment for digital-first solutions. According to Gibson, Revolut is also considering launching payment tools such as physical point-of-sale terminals in Switzerland.

Revolut serves over 60 million personal users and several hundred thousand corporate clients globally. In Switzerland, the company claims more than 1 million personal users and several thousand business customers.