Europe's $33 billion fintech giant, Revolut, has launched a new feature that allows users to book hotels and other accommodation through its app. The new feature called "Stays" gives customers a 10% cashback on bookings made through Revolut, the fintech giant revealed. Stays become the company's first product to launch outside the realm of finance.
"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." Marsel Nikaj, Revolut's head of savings and lifestyle.
Launched in 2015 as a digital-only banking and payments platform, Revolut's business model revolved around reducing currency exchange fees when spending abroad. These days, the company has widened its horizon, adding new features for trading shares and cryptocurrency.
Revolut saw its value peaked at $33 billion last week thanks to an $800 million seed round, making it Britain's top fintech start-up and the second-largest fintech in Europe. The company has 16 million users globally.
Revolut's Stays feature is first launching in the U.K. on Tuesday before rolling out to Europe and the U.S. in the coming months. It will only offer accommodation for now, but there are plans to include flights, car hire and other travel options later down the line.
United Kingdom in focus
GDP: $2.708 trillion in 2020 compared to $2.831 trillion in 2019
Population: 67,215,293 in 2020 compared to 66,836,327 in 2019
GDP per capita: $40,284 in 2020 compared to $42,354 in 2019
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