Revolut launches UK Stays travel booking feature
With no booking fees and 10pc of cashback, Revolut’s new Stays service is the first step in the company’s plans to create a one-stop-shop for travel.
Ready to launch into the post-pandemic tourism market, the Revolut digital banking application is poised to expand into the travel industry with its new Stays service.
The new feature launches in the UK today (July 21) and will allow users to book accommodation and receive up to 10% of their money. Users can browse and book stays through the Revolut app, and the company does not charge a booking fee.
Revolut is a neobank offering a range of services, including cryptocurrency exchange and saving and budgeting features. However, this is his first venture outside the financial sector.
Founded in 2015, the company has continued to grow and received $ 800 million in Series E funding last week. This put the value of the company at $ 33 billion and marked it as the UK’s most valuable fintech.
“As the world begins to carefully open, we know that everyone is desperate to escape whenever they can, whether in Margate or Mallorca,” said Marsel Nikaj, head of the savings and lifestyle at Revolut.
âWe designed Stays to make it easy for people to find and book their perfect stay in their perfect destination. After 18 months of endless restrictions and lockdowns, we want to give people more and take their money further. “
Revolut surveyed 12,000 of its customers in 10 countries for this service and found that 84% of French people and 72% of Britons and Spaniards are willing to travel abroad.
The company also revealed its long-term plan to add more travel-related products, such as flights, car rentals and travel experiences. This may mark an attempt to expand into the âsuper appsâ market.
‘Super apps‘, which are becoming increasingly popular in Asia, are products designed to provide all the digital services a user may need, thus eliminating the need for other applications.
Stays will only be available in the UK for now, but there are plans to roll them out in Europe and the US in the coming months. Revolut has extended its fintech application to the United States and Japan last year, demonstrating its goal of conquering a global market.
This despite the company’s growing losses, with a total loss of Â£ 168million for the year ending December 12, 2020.
Meanwhile, rival UK banking app Monzo has suggested the possibility of an IPO alongside expanding its services in the United States.