Digital bank Revolut has launched a new feature called “Group Bills” described as a way to track, split and settle up expenses in a centralised place. Group Bills seeks to make group expenses easier to manage. Rather than splitting one bill at a time, Group Bills allows customers to share ongoing expenses with flatmates, or holidays with friends.
Users may add an ongoing bill to their Group and when it’s time to pay Group Bills may be settled in the app, with instant transfers. The feature may be utilized from 2 to 20 individuals who use the Revolut banking app.
Revolut has been on a long march to drive value for its digital banking platform adding new features on a rolling basis. Last week, Revolut added instant Single European Payments Area (SEPA) transfers. In the past, these transfers could have take a couple of days, but for Revolut’s business customers the time to transfer has been dropped to a couple of seconds.
Earlier this month, Revolut published its annual report indicating that revenue in the past fiscal year had tripled but expenses had nearly done the same. At the same time, the Fintech indicated that growth may be slowing as COVID drags on. The digital bank must continue to add value for its users to highlight the benefits of migrating away from High Street and to a bank that lives on your smartphone.