Financial app Revolut has announced the launch of Revolut Pro, a dedicated account for freelancers, the self-employed, sole traders and contractors, which offers a range of income, payment and expense management services.
The announcement comes at a time when UK businesses are increasingly turning to freelancers to plug skills gaps, as growing numbers of full-time employees leave their roles (an ongoing trend that has been widely dubbed the “great resignation”). It is estimated that around one in six working adults work in the gig economy at least once per week.
The new account aims to provide easier, more efficient and more convenient financial management for freelancers as work becomes increasingly flexible. It will initially launch in the UK, along with seven other European countries and offers freelancers a one per cent cashback debit card.
The service will be free to use, with no monthly fees, deposit or bank requirements, and freelancers can set it up via the Revolut app. The account enables freelancers to send secure transfers and instant payments to external bank accounts or other Revolut accounts.
Freelancers can also make multi-currency payments and money transfers using physical or virtual cards, Apple Pay and Google Pay. The account also allows users to accept payments online using QR codes, payment links and invoices.
Revolut Pro Product Owner Maria Marti Garcia commented: “The explosive increase in gig workers, artists, bloggers, and the like alongside more traditional individual professions including private teachers, home service providers and fair vendors has driven demand for better ways for those working on their own projects, be it full time or part time, to manage income and expenses.”
