Revolut launches into travel with 10% cash back
UK FinTech Revolut is launching into travel with a new booking tool that offers customers instant 10% cash back on bookings.
Revolut Stays is now available to customers in the UK with plans to extend booking functionality across Europe and the US. FinTech also aims to become a one-stop travel tool with airline tickets, rental cars and other related products.
“As the world begins to open with caution, we know that everyone is desperate to escape whenever they can, whether in Margate or Mallorca. We built Stays to make it easy for people to find and book their perfect stay in their perfect destination, ”said Marsel Nikaj, Savings and Lifestyle Manager at Revolut, in a press release Wednesday, July 21.
Despite travel restrictions, 84% of respondents in France and 72% in Britain and Spain are ready to book a trip abroad, according to data from Revolut. Just over half of UK respondents said they would only travel to countries with trustworthy healthcare networks.
Some 63% of UK respondents said they plan to get a full vaccine soon and 48% said they would only stay in a hotel that complies with COVID security protocols. Almost a quarter said they were looking to rent a private apartment or villa.
Revolut has more than 16 million customers worldwide who complete 150 million transactions each month. Before the 2019 pandemic, the average Revolut customer had spent around £ 690 on accommodation, £ 149 on airline tickets and £ 950 in other countries.
Founded in 2015, the digital bank was valued at $ 33 billion in July 2021 following an $ 800 million funding round led by SoftBank and Global Tiger. The year before, the company was valued at $ 5.5 billion. The new valuation puts Revolut in the league of traditional financial institutions like HSBC Holdings at $ 118 billion, Lloyds Banking Group at $ 41 billion and NatWest Group at $ 33 billion.