UK: London-based fintech Revolut is entering the travel sector by launching a new booking feature – Stays – which will allow users to book hotels and other accommodation through its app and receive up to ten per cent cashback.
It marks the firm’s first product launch outside of the finance and insurance sectors.
Set to launch in the UK this Tuesday before rolling out in the rest of Europe and the USA over the coming months, Revolut’s Stays feature will initially allow users to book accommodation, ranging from B&Bs to luxury lodges, where they manage their finances, with exclusive rates and no booking fees. They will then be awarded ten per cent instant cashback on bookings made through the app, supposedly saving customers £69 on average per year.
While the feature will only offer accommodation for now, plans are in place to diversify into flights, car rentals and other travel options in the future.
The launch of Stays is Revolut’s next major step towards becoming a so-called ‘super app’ that would offer multiple services through one single interface, and support travellers in the post-pandemic landscape.
Just last week, Revolut was valued at $33 billion in a “monster” funding round to become the UK’s number one fintech startup and second largest of its type in Europe, as it seeks to challenge travel industry giants such as Booking Holdings, Expedia and TripAdvisor. It has already accrued 16 million users around the world.
Founded in 2015 as a digital-only banking and payments platform for travellers to spend money abroad without exorbitant exchange fees, Revolut is seeking to continue innovating its offerings, having already introduced new features for trading shares and cryptocurrency.
According to data published by the fintech startup, 72 per cent of Brits want to go abroad as soon as possible, while only six per cent of Brits have no plans to travel abroad at all after more than 18 months in lockdown. The feeling is reportedly reciprocated elsewhere in Europe, with 84 per cent of French and 72 per cent of Spanish travellers seeking a holiday abroad.
Marsel Nikaj, head of savings and lifestyle at Revolut, said: “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. We’ve built Stays to make it easy for people to find and book their perfect break in their ideal destination.
“After 18 months of endless restrictions and lockdowns, we want to give people more and make their money travel further,” he added.
CNBC reports that a number of popular “neobanks” have been gaining traction in Europe and across the world by targeting younger, millennial customers with a “slick user experience and colourful bank cards”.
ShortTermRentalz will return after its summer break with a RockSTRz webinar on “Digital trust and safety: Combatting the evolving complexities of travel payment fraud” on Tuesday 21 September [4pm BST].
The session will focus on knowing how to stop credit card fraud, and how fraudster techniques and methodologies are evolving to target new payment options such as in-app purchases and cryptocurrency.
Sign up for September’s no-cost RockSTRz webinar at this link.
