Revolut, an app-based digital bank, has launched business accounts for the companies in the UK and Europe as part of its expansion strategy.

The newly launched service will allow companies to manage international payments, payroll and corporate travel.

The new service, according to the company, will allow companies to hold, exchange and transfer cash in 25 currencies, using the interbank exchange rate. They can also issue employees with fee-free corporate cards.

The UK-based fintech startup said that nearly 12,000 businesses have pre-registered to partake in the programme after previewing its plans earlier this year.

Revolut founder and CEO Nik Storonsky said: “Revolut has literally reinvented the way in which people spend and send money abroad, and so launching a business service was the next logical step for us. We can apply the same innovation to help businesses across the UK and Europe eliminates unfair banking fees.”

Revolut, which was rolled out about two years ago, has significantly expanded its portfolio of offerings and added 650,000 customers in the process.