Revolut Business vs Swish Funding

When there is confusion in financing, it is hard to choose the right financial solutions between business banking and business lending. Swish Funding and Revolut Business help businesses to manage money, yet their purposes are completely different. Here's a clear comparison to understand which one you need.

Understanding the Basics

Revolut Business offers multi-currency accounts and payment cards for worldwide business. They have financial management tools, and the business is a completely digital banking platform. For eligible customers, there are some lending features added, and it is primarily a banking solution. Swish Funding, on the other hand, offers various loan products for small and medium businesses. It is a UK-based business. They focus on providing quick access to capital with a simple application process, including business loans, merchant cash advances, and asset finance.

What Services Do They Offer?

With their main banking features, with their multi-currency support, corporate cards, expense management, accounting integrations, and international payments, but lending is a secondary service; for eligible customers, they also offer business loans, and Revolut Business provides you with business accounts.

Swish Funding specializes purely in lending. They offer term loans starting from £10,000, merchant cash advances for businesses with card sales, equipment financing, and invoice financing. Their entire focus is on providing capital to businesses rather than banking services.

Getting Started and Approval Times

Revolut Business offers quick online sign-up for a business account that takes just minutes. Account activation is instant in most cases. However, if you want a loan, you'll need an existing account and trading history. Loan approval takes several days with credit checks required.

Swish Funding has a simple loan application process with decisions within 24-48 hours. They personally review applications and make funding available within 48 hours after approval. This makes them faster if you specifically need a loan.

What Do You Need to Qualify?

Revolut Business:

• Registration for a business is valid.
• The identity verification should pass the directors/owners.
• An existing Revolut Business account is required for loans.
• Preferred established business and good credit history.

Swish Funding:

• The requirements are flexible in lending.
• Even with various credit profiles, businesses can be considerate.
• The overall business picture will be reviewed.
• Rather than perfect credit, it focuses on the ability to repay.

Understanding the Costs

Revolut Business charges no fees for its basic business account. For additional features like unlimited team members and advanced tools, paid plans start from £25 per month. Loan rates vary based on your creditworthiness, and they maintain transparent pricing for all banking services.

Swish Funding has no account fees since they only provide loan-based services. Based on your business profile, the rate varies. The quotes upfront will be transparent; there will be a higher cost if you want more money or an urgent need for money.

Platform and Features

Revolut Business excels with a modern mobile app and web dashboard. You get real-time spending notifications, easy expense tracking, multi-currency management, and integration with accounting software. The platform is designed for day-to-day business banking needs.

Swish Funding keeps things focused and simple. Their platform is designed specifically for loan applications and management. While less feature-rich than Revolut's banking app, it's straightforward for businesses that just need funding without extra banking features.

Which One Fits Your Business?

Choose Revolut Business if you need a modern business bank account, with multi-currency features; it includes expense tracking and, in one system, company cards together, do international business frequently, and may need occasional access to business loans.

If you need specific business funding or loans, then choose Swish Funding. If you don't want to change your current bank, the criteria are flexibility for lending, and you want a dedicated lending specialist rather than a digital bank.

Revolut Business and Swish Funding are not direct competitors; Revolut Business is primarily a banking solution that happens to offer loans, while Swish Funding is purely a lending service. Many businesses use both Revolut for banking and a specialist lender like Swish for larger funding needs.