Revolut said the ‘luxury’ service will offer benefits such as low fees for investment products and discounts with various partnerships.
Fintech giant Revolut is launching a new Ultra subscription tier this spring, offering “luxury lifestyle” perks such as free access to airport lounges.
The company has opened a waitlist for the subscription for new and existing customers. Those who join this waitlist will get 5pc cashback for their first month of purchases on the Ultra subscription, though the total amount redeemable is capped at the monthly price plan.
Describing it as the “ultimate luxury membership”, Revolut said Ultra will provide low fees for Revolut investment products and free lounge access in more than 1,200 airports.
The Ultra subscription will also offer cashback and discounts in partnership with various brands, depending on the user’s location. The company plans to announce further benefits in the lead up to the launch.
Revolut’s GM of premium products, Tara Massoudi, said more customers are looking for a new style of luxury that is also “functional”.
“Although these high-earning consumers are climbing the career ladder and want to build a steady passive income, they also aim to enjoy life, keep up to date with the latest trends and travel multiple times a year,” Massoudi said.
“We’ve taken an original approach to offer a unique card and membership plan to people who love elevated travel and lifestyle experiences, and seamless investment products.”
The fintech plans to launch the Ultra subscription in Ireland, the UK and Europe later this year.
The company is taking other steps to have Irish users adopt it as their main bank. Earlier this month, Revolut shared plans to launch Irish IBANs later this year.
Revolut users in Ireland currently have Lithuanian IBANs for their accounts, which has been the case since 2020 when the company moved these accounts to the Eastern European country due to post-Brexit licensing issues. The Central Bank of Lithuania recently fined the company for failing to submit timely audited annual financial statements.
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