FinTech: Eyeing A ‘Global Super App,’ Revolut Launches Travel Booking Feature

July 21, 2021 | FinTech, News
https://dailyalts.com/wp-content/uploads/2021/07/Screenshot-Stays.jpg

Revolut Stays allows its users to book travel accommodation and earn cashback.

After its recent $800 million funding, Revolut, the UK-based challenger bank has lost no time in announcing Stays, a travel booking facility in its app. The bank’s Premium and Metal category of users get 10% instant cashback on their bookings, the bank said in a blog, marking its entry into a non-finance-related product. (CNBC)

“After 18 months of endless restrictions and lockdowns, we want to give people more and make their money travel further,” said Marsel Nikaj, head of savings and lifestyle at the bank. It intends to spend about 70 million pounds on the cashback promotion for the Stays feature.

Users in the UK can use the Revolut app to book accommodation for now.  The feature will roll out to Europe and the US soon.

Bookings for flights, car rentals, and other travel requirements would be added to the app later.

“As the world begins to cautiously open up, we know everyone is desperate to get away whenever they can — whether it’s to Margate or Mallorca,” added Nikaj.

Revolut survey of pent up travel demand

According to Silicon Canals, Revolut’s survey of 12,000 of its customers over 10 countries revealed that nearly 72% of Britishers would travel abroad as soon as they can; in contrast, only 6% said they had no travel plans.

Notably, its users nearly doubled their savings during the pandemic, and a lot of that money could be spent on travel to exotic locations.

One guide of the pent-up spend that could unleash with normalization: the spend during 2019, “the last year of normal travel.”

In that year, the average Revolut user spent nearly £690 on accommodation, £149 on flights, and on average, spent £950 like a local abroad.

Of course, they used a Revolut card and its travel features.

Related Story:  Revolut Valued At $33B In $800M Funding Round

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2023/12/AMD_headquarters_santa_clara.624da707519a6.jpg
Artificial Intelligence: AMD Takes On Rivals In The AI Chip Sweepstakes
December 7, 2023     Artificial Intelligence, News

Chipmaker AMD (NASDAQ: AMD) has unveiled a range of innovative AI solutions spanning from data centers to personal computers. The AMD Instinct MI300 Series features data center AI accelerators, while…

https://dailyalts.com/wp-content/uploads/2023/12/RHCEU-Inline.jpg
Digital Assets: Robinhood Debuts Crypto Trading On Its App In The EU
December 7, 2023     Digital Assets, FinTech, News

Robinhood (NASDAQ: HOOD) has launched its Crypto app in the European Union (EU), allowing eligible customers to engage in crypto trading with the added incentive of earning Bitcoin rewards. Customers…

https://dailyalts.com/wp-content/uploads/2023/12/Samsung_UK_Samsung_Pay_Lifestyle_0552-revised-Pictogram-23.11.30-1024x744-1.png
FinTech: Samsung Electronics Ties With Mastercard’s Wallet Express
December 7, 2023     FinTech, News

Samsung Electronics (KRX: 005930) and Mastercard (NYSE: MA) have partnered to launch the Wallet Express program, offering banks and card issuers a cost-effective way to expand digital wallet offerings. Through…

https://dailyalts.com/wp-content/uploads/2023/12/Revaia-founders.jpg
Venture Capital: Revaia, Europe’s Biggest Female-Led VC Firm, Racks Up $160M For Second Fund
December 7, 2023     ESG and Sustainability, News, Venture Capital

Revaia, Europe’s largest female-founded venture capital firm, has successfully raised €150 million ($160 million) for its second fund, Revaia Growth II. The funding was secured from sovereign wealth funds, family…