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 app.
Revolut aims to draw in customers by offering up to 10% 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, car hire, and travel experiences in the future.
Marsel Nikaj, Head of Savings and Lifestyle at Revolut, said: “As the world begins to cautiously open up, we know everyone is desperate to getaway”
“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.”
The move marks a challenge to travel industry giants like Booking Holdings, Expedia, and TripAdvisor. It’s also the company’s first product to launch outside the realm of finance.