Revolut launches travel booking feature Stays
Digital banking app Revolut has launched Stays, a new service allowing users to book travel accommodation and receive up to 10% in cashback in its first non-financial or insurance product launch.
The news follows an $800 million Series E funding round announced last week that values Revolut at about $33 billion.
With Stays, users can discover and book travel destinations all over the world. Also, Premium and Metal plans will get up to 10% instant cashback – based on a customer’s average holiday spend which comes out to an extra £43. Plus, Revolut says users will enjoy exclusive rates with no booking fees charged (fees and charges from accommodation providers may apply).
Revolut, which has over 16 million customers, also has around 9 insurance partners and this product launch not only challenges travel booking sites but also challenges direct-to-consumer travel-insurance providers.
In our not-so-recent (2019) research report titled Travel Insurance Under the Influence, we’ve outlined how airlines, fintechs, online travel agencies (OTAs), and telecommunication companies are entering the travel insurance space.
Bottom Line: Revolut has moved beyond fintech just as insurers are moving beyond insurance and insurtech .