Business-to-business transactions in Malta reached a record €296 million by early September, significantly exceeding those in Greece by more than twofold.

As of September 4, the total value of inter-business transactions in Malta matched that of Portugal and was more than double the €142 million recorded in Greece, a nation with a population nearly 20 times larger than Malta's.

When compared to some of Europe’s largest economies, the data indicates a notable dependence on Revolut among Maltese businesses, which accounted for nearly one-third of the transactions in France (€860 million) and approximately 45% of those in The Netherlands (€660 million).

In terms of monthly transaction volumes, Italy reported €664 million, Spain €557 million, and Romania €345 million.

Additionally, the number of Maltese businesses utilizing the platform has increased fivefold over the past year, while the retail customer base has tripled since January, according to the company.

Ignacio Zunzunegui, Revolut's head of growth for Southern Europe, noted that despite the “significant growth” in business customers, there remains a “huge opportunity to grow” in Malta.

He also mentioned the launch of the accounting service Revolut Billpay in Malta, aimed at assisting local companies in optimizing their financial processes.

The announcement follows a report from the company indicating that the number of business accounts had surged by over 170% by July, outpacing the growth rates of Malta’s southern European counterparts.

When inquired about the factors contributing to this robust business performance, sources informed Times of Malta that payment options such as phone numbers and QR codes were likely significant draws for businesses to the platform.

One banking source remarked that this trend is beneficial, as it presents “local banks an opportunity to enhance and refine their services.”

Nonetheless, they expressed skepticism about businesses completely abandoning traditional local banks, suggesting that it is more probable for them to utilize Revolut for specific services while maintaining their existing accounts.

In its recent announcement, Revolut disclosed that its global revenue had reached €450 million.

Founded in the UK in 2015, Revolut had garnered 45 million customers worldwide and expanded its operations to 38 countries by the end of June this year, as detailed in the company’s 2023 annual report.

The company provides a variety of services, including transactions in multiple currencies, physical and virtual payment cards, peer-to-peer payments, and cryptocurrency trading.

Additionally, it has begun offering personal loans in Poland, Lithuania, Ireland, Romania, and Spain, and while it has not set a timeline for introducing such loans in Malta, it indicated earlier this year that it is “on our road map.”