With no booking fees and 10pc 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 jump on the market of post-pandemic tourism, digital banking app Revolut is set to expand into the travel industry with its new Stays service.
The new feature launches in the UK today (21 July) and will allow users to book accommodation and receive up to 10pc of their money back. Users can browse and book stays through the Revolut app and the company is not charging booking fees.
Revolut is a neobank with a range of services, including cryptocurrency exchange and saving and budgeting features. This marks its first venture outside of the financial realm, however.
Founded in 2015, the company has continued to grow and received $800m in Series E funding last week. This placed the company’s value at $33bn and marked it as the UK’s most valuable fintech.
“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,” said Marsel Nikaj, Revolut’s head of savings and lifestyle.
“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.”
Revolut surveyed 12,000 of its customers across 10 countries in preparation for this service and found that 84pc of French and 72pc of British and Spanish people are willing to travel abroad.
The company has also revealed its long-term plan to add more travel-related products such as flights, car hire and travel experiences. This may mark an attempt to expand into the ‘super app’ market.
‘Super apps’, which are becoming increasingly popular in Asia, are products designed to offer all of the digital services a user might require, removing the need for other apps.
Stays will only be available in the UK for the time being, but there are plans to roll it out across Europe and the US over the coming months. Revolut expanded its fintech app in the US and Japan last year, demonstrating its aim to capture a worldwide market.
This is despite mounting losses at the company, with a total of £168m in losses for the year ending 12 December 2020.
Meanwhile, UK competitor banking app Monzo has suggested the possibility of an IPO alongside expanding its US services.