Visa Study: Small Business Banking Relationships Generate Up to 12 Times More Revenue Than Consumer Relationships in Europe

Only 27% of European SMB owners use the same primary bank for both business and consumer banking, pointing to a strong opportunity for financial institutions

LONDON, 3 SEPTEMBER, 2026 — Small business banking customers generate up to 12 times more annual revenue for financial institutions than traditional consumer customers in Europe, according to a new global study from Visa, a worldwide leader in digital payments. The research, which examined markets across Europe, has found many banks may be overlooking a high-value opportunity within their existing portfolios: small business owners who continue to manage business expenses on personal cards instead of dedicated business or commercial card products. Encouraging these customers to separate personal and business spend with purpose-built card solutions can better address their complex financial needs while unlocking greater relationship value for banks.

Visa’s report, The Multiplier Effect:2026 Visa Small Business Banking Report, shows that many small business owners are still treated like individual consumers, even though their financial needs, and the value they bring to financial institutions, are very different. By identifying these customers earlier and helping them transition business spending to dedicated business or commercial card products, financial institutions may be able to better serve SMBs, help businesses better manage day-to-day finances, and unlock new revenue opportunities through deeper, higher-value relationships. Financial institutions can use Visa’s new SMB Value Multiplier calculator tool as a first step to find out the potential value of their SMB relationships.

"At a time when financial institutions across Europe are competing for growth, one of the most valuable opportunities may already be closer than they think,” said Richard Campion, Head of SMB, Visa Europe. “Our research suggests that small business owners are often hiding in plain sight inside consumer banking segments. Identifying and serving them earlier through dedicated business solutions can help banks build deeper relationships while unlocking significantly greater long-term value. Visa’s SMB Value Multiplier calculator tool can help financial institutions to isolate and better serve these customers."

Key findings from the SMB banking report

• Across the European markets studied, SMB relationships generate significantly greater value than consumer banking relationships, with SMB-to-consumer revenue multipliers ranging from 7x to 12x.

• Only 27% of European SMB owners surveyed use the same primary bank for both business and consumer banking, compared with 72% in North America and 80% in CEMEA, highlighting clear headroom for relationship consolidation.

• Cards remain a key relationship value indicator: globally, card-network products drive 44% of SMB bank revenue, while European fintechs in select markets attribute 70% to card-network products.

• SMB relationship value varies meaningfully by region, with stronger revenue multipliers in Europe and Latin America than in Asia Pacific.

Together, the findings point to a clear growth path for issuers: identify small business owners whose business spend may still sit within personal banking relationships and lead with dedicated business or commercial card products as an entry point to broader SMB engagement. Small businesses with cards use about twice as many banking products, making cards a natural entry point to broader relationships spanning lending, deposits and cash management.

How banks can capture the opportunity

The research points to three priorities for financial institutions:

• Identify hidden small business owners: Use data and segmentation to find business owners whose business spend may still be managed through personal banking relationships or personal cards.

• Lead with the right card strategy: Offer dedicated business or commercial cards that reflect SMB-specific needs, such as higher limits, employee cards, expense controls and improved visibility into business spending.

• Build a complete relationship: Connect business and personal banking needs while helping SMBs separate business and personal spend, making it easier for customers to manage their finances and for banks to deepen their relationship, such as credit lines, digital acceptance and integrated cash management services.

Market differences and growth potential

Across European SMBs surveyed, the relationships generate between 7 and 12 times more revenue than consumer banking relationships. Of the global SMBs surveyed, the UK (11.3x) and Germany (11.6x) presented the highest revenue opportunities, signaling that European SMBs are a particularly valuable untapped market for financial institutions operating in Europe.

Cards drive stronger SMB engagement

SMBs with cards are more deeply engaged, using a broader range of banking products across lending, deposits and payments. In Europe, the uplift is especially visible in markets such as Germany, where carded SMBs use 163% more products than non-carded SMBs, and the UK, where the uplift is 80%. For business owners, dedicated cards and banking tools improve visibility into spending, simplify payments and strengthen cash flow management. For banks, cards can act as the gateway to more connected, trusted, and commercially valuable relationships.

About the Report and Research

The report is based on research conducted with KoreFusion, including responses from more than 5,600 small business owners and senior managers in 17 markets, and 73 interviews with small business banking leaders across five regions. European market findings draw on research conducted with SMBs across France, Germany, Italy, and the United Kingdom.

To download the full report and explore the findings, visit https://globalclient.visa.com/smb-multiplier

To explore the SMB Value Multiplier tool, visit: https://calculateb2bcardvalue.visa.com/smb/