Revolut digital banking app launches travel booking service

A Revolut logo can be seen in this illustration taken January 6, 2020. REUTERS / Dado Ruvic / Illustration

LONDON, July 21 (Reuters) – UK digital banking app Revolut launches new service allowing users to book travel accommodation and receive up to 10% cash back on its first non-financial product launch or insurance.

Revolut, which was valued at around $ 33 billion thanks to a new round of investment last week, will allocate 70 million pounds ($ 95.24 million) in cashback for customers using the new service, Stays, a- he announced on Wednesday.

Stays is part of Revolut’s larger goal of helping users spend “smarter” when they travel, he said. It comes as coronavirus-related travel restrictions begin to ease in some areas.

“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 Revolut.

The digital banking provider raised around $ 800 million in a funding round led by Softbank’s Vision Fund (9984.T) and Tiger Global Management last week. The cash injection made Revolut Britain’s most valuable fintech company.

Launched in 2015, Revolut has over 16 million customers and aims to become a leading financial super app. It gained popularity with travelers in its early days by offering cheaper and easier currency exchange services than traditional banks and now offers a range of products including trade and insurance. It has not yet become profitable. Read more

The new booking product, which pits Revolut against online travel booking giants such as Booking Holdings Inc (BKNG.O), will allow users to book flights, car rentals and other travel needs.

It will go live in the UK on Wednesday, with launches in the EU and US in the coming weeks.

($ 1 = 0.7350 pounds)

Reporting by Anna Irrera; Editing by Nick Macfie

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