UK challenger Revolut has launched a new travel product allowing customers to book holidays and get 10% cashback.
The new feature Stays will offer users up to 10% instant cashback on bookings made through the Revolut app, which will save the average customer £69 a year.
According to Revolut, the move will see the company give £70m to UK customers booking through Stays.
In addition, the launch comes after Revolut research revealed that 72% of Brits cannot wait to go abroad as soon as they are able to. Meanwhile, 84% of the French and 72% of the Spanish also desire to travel internationally.
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. Revolut is becoming the go-to app for travel, giving you more.”
Through Stays, Revolut customers can expect to access exclusive rates on accommodation with no booking fees.
Stays is available to Revolut customers in the UK from 21 July, with the challenger planning to gradually roll out the feature to customers across Europe and the US in the coming months.
Revolut also has a more long-term view to add more travel related products, such as flights, car hire, and travel experiences.
Revolut becomes UK’s most valuable fintech
The announcement follows the news that Revolut became the UK’s most valuable fintech after raising $800m in its latest funding round.
SoftBank Vision Fund 2 and Tiger Global Management led the funding round, which saw Revolut achieve a valuation of $33bn – six times bigger than its last valuation in 2020.
Nikolay Storonsky, Revolut’s founder and CEO, said: “This funding round makes Revolut the UK’s most valuable fintech, demonstrating investors’ confidence that we can deliver products that raise the bar for customers’ expectations across the whole financial services industry.”
The valuation means Revolut is now worth more than retail banking giant NatWest.