U.K. FinTech Revolut is moving into travel with a new booking tool that gives customers 10 percent instant cashback on reservations.
Revolut Stays is now available to customers in the U.K. with plans to expand the booking feature across Europe and the U.S. The FinTech is also aiming to become a one-stop travel tool with airfare, rental cars and other related products.
“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,” Marsel Nikaj, head of savings and lifestyle at Revolut, said in a press release on Wednesday (July 21).
Despite travel restrictions, 84 percent of respondents from France and 72 percent from Britain and Spain are willing to book a trip abroad, according to Revolut data. A little more than half of respondents from Britain indicated they will only travel to countries with trustworthy healthcare networks.
Some 63 percent of U.K. respondents said they plan on being fully vaccinated soon and 48 percent indicated they would only stay in a hotel that follows COVID safety protocols. Almost a quarter said they are looking to rent a private apartment or villa.
Revolut has over 16 million customers around the world that make 150 million transactions each month. In pre-pandemic 2019, the average Revolut customer spent about £690 on accommodations, £149 on airfare, and £950 in other countries.
Founded in 2015, the digital bank was valued at $33 billion in July of 2021 following an $800 million funding round led by SoftBank and Tiger Global. The previous year the company was valued at $5.5 billion. The new valuation puts Revolut in the league of legacy financial institutions like HSBC Holdings with a $118 billion value, Lloyds Banking Group at $41 billion, and NatWest Group at $33 billion.