London-headquartered fintech giant Revolut is betting on the rebound of the travel sector. The company launched a new feature called Stays, that allows users to book hotels and other accommodation through the app.
With its premium plans, Revolut’s Stays will offer customers cashback of up to 10% of their travel spend.
The company, which was valued at US$33 billion through a new investment round last week, has set aside £70 million to offer these cashbacks.
The feature also offers hassle-free bill splitting and pay-per-day travel insurance. Premium customers get travel insurance and airport lounge access included in their plans.
During its testing period, Revolut found that the average holiday expenditure on its app is £437.59. With its cashback offers, this translates into savings of up to £43. Moreover, Revolut will not charge any booking fees.
This is the company’s first foray outside the realm of finance. With its plans to diversify its offerings, Revolut is looking to become a superapp that provides multiple services through a single platform. The trend has gained traction in Asia with the likes of Gojek, Grab, Tencent and Alibaba.
Revolut’s entry into the travel sector comes at a time when travel restrictions across the globe are slowing being eased. The company is looking to challenge major industry giants like Booking Holdings, Expedia and TripAdvisor.
Marsel Nikaj
Marsel Nikaj, Revolut’s Head of Savings and Lifestyle, was quoted by CNBC saying,
“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.”
Featured image credit: Revolut
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