FinTech: Eyeing A ‘Global Super App,’ Revolut Launches Travel Booking Feature
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
Latest Alternative Investment News
The $110 million comprised both debt and equity capital. Zilch, the UK-based BNPL platform has raised an additional $110 million from Goldman Sachs and DMG Ventures. The funding is part…
A market survey by alternatives technology provider Vidrio Financial shows that fears of inflation have helped move substantial fund allocations during the first half of 2021 to alternative assets such…
Global X, the New York-based ETF provider and subsidiary of $560 billion investment manager Mirae Asset, has filed with the SEC for permission to launch a bitcoin ETF titled the…
Four news bites that show cryptos are hanging on, recent crashes notwithstanding. From bitcoin ATMs to crypto FOMO, here goes….