U.K.-based banking app Revolut has launched a new travel product called Stays that allows customers to book trips and receive 10% instant cash back.
The startup claims the in-app feature is the first of its kind by a fintech platform, saving the average customer £69 a year. In total, Revolut will give away £70 million to U.K. customers booking through Stays, the company’s biggest-ever giveaway.
With Stays, customers can book exclusive rates on accommodations ranging from bed and breakfasts to luxury properties through the Revolut app. Revolut does not charge a booking fee, however fees and charges from accommodation providers may apply.
According to the Revolut Stays terms and conditions, Expedia is powering the accommodations bookings; however, a Revolut spokesperson will not confirm the provider.
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“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,” says Marsel Nikaj, head of savings and lifestyle at Revolut.
“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.”
Stays is currently available to Revolut customers in the U.K. and will roll out to customers across Europe and the United States in the coming month. Longer-term, Revolut plans to add additional travel products such as flights, ground transportation and experiences.
Founded in 2015, Revolut has more than 16 million customers around the globe and processes more than 150 million transactions a month.
Earlier this month, it raised a $800 million Series E round from SoftBank Vision Fund 2, valuing the company at $33 billion.