London-based fintech giant Revolut has launched a new app feature designed for travel.
‘Stays’ allows UK customers to browse and book accommodation through the same app that they use to manage their finances.
Revolut aims to draw in customers by offering up to ten per cent cashback on all bookings made through the app, which it says could save the average customer £69 per year.
Customers will also receive exclusive rates on accommodation with no booking fees charged by Revolut – though fees and charges from accommodation providers may apply.
According to the company, the in-app capability is the first of its kind by a fintech platform and aims to “help users spend more smartly when travelling across the globe”. While it is currently only available to customers in the UK, it is set to be rolled out to customers across Europe and the US in the coming months.
Revolut also aims to add further travel related products such as flights, care hire and travel experiences in the future.
The company also released new travel data to coincide with the launch, which found that 72 per cent of Brits want to travel abroad as soon as they’re able to. Meanwhile, 84 per cent of French and 72 per cent of Spanish people are willing to travel abroad in spite of travel restrictions.
The data also revealed that almost half (48 per cent) of UK respondents wish to stay in a hotel that follows Covid-19 regulations, while a quarter (24 per cent) plan to rent a private apartment of self-contained villa.
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.”
Revolut is a digital banking and payments start-up that was set up in 2015, and is used by over 16 million customers. Earlier this week, Revolut became the UK’s most valuable fintech company, valued at £24 billion.