Booking.com rival alert: UK’s most-valued fintech giant Revolut enters travel sector with Stays
British fintech giant Revolut is now making its entry into the travel industry with a new service that allows users to book travel accommodation and receive up to 10% cashback. It is also the company’s first non-financial or insurance product launch.
The move comes right after the digital bank announced its monster funding last week, where it was valued at $33 billion to become UK’s top fintech startup and the second-largest fintech in Europe.
Towards becoming a super app
With the new feature, the fintech giant is aiming to become a ‘super app’ that would offer multiple services through one interface. The travel feature, Stays, allows users to book their accommodation where they manage their finances. The in-app will award users with up to 10% instant cashback on bookings made through the app, saving the average customer £69 a year.
This will be the company’s biggest giveaway and will see Revolut give £70 million to UK customers booking through the app. Founded in 2015 with the best exchange rates and zero commission abroad, Stays reinforces the company’s ongoing innovation as it continues to help users spend more smartly when travelling across the globe.
The travel itch
72% of Brits can’t wait to go abroad as soon as they’re able to according to data from Revolut. After over 18 months in lockdown, the appetite for the staycation is waning with just 6% of Brits having no plans to travel abroad at all. And it’s not just Brits experiencing travel fever, the same goes for holidaymakers all over Europe with 84% of the French and 72% of the Spanish also desiring an international vacation.
Hassle-free travel booking
Aiming to become the go-to app for travel and to support post-Covid travellers, the platform is now available to Revolut customers in the UK, with the global superapp planning to gradually roll out the feature to customers across Europe and the US in the coming months. The platform will add more useful travel related products (flights, car hire, travel experiences) – making it the go-to destination for all travel decisions.
Marsel Nikaj, Head of Savings and Lifestyle at Revolut, said: “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. After 18 months of endless restrictions and lockdowns, we want to give people more and make their money travel further.”
From now on, by using Stays, Revolut customers can discover accommodation options across the globe with options ranging from bargain B&Bs to unique, luxury lodges.
The customers can also expect access to exclusive rates on accommodation, with no booking fees and the ability to browse and book all from within the Revolut app. The 10% instant cashback on bookings means they can save more of their money to spend when it matters – when they’re actually on holiday.
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