The $33 billion European fintech giant, Revolut, today launched a new travel booking feature called “Stays” to enter the hotel sector in Italy and other European countries.
Until now, the option was only available to users in the United Kingdom, where it has been very successful, especially in these summer months.
How does Revolut Stays work?
Revolut Stays allows users to book hotels and other accommodation, from budget B&Bs to luxury resorts, with exclusive transparent rates and the ability to view payment details directly from the Revolut app.
All users with any type of plan can discover and book fantastic accommodation around the world in a matter of minutes, using the same platform they use to make payments, transfer money, receive their salary, invest or manage their budget.
Revolut will not charge any booking fees, although charges may apply from providers.
Premium and Metal customers get up to 10% instant cashback and in addition can benefit from travel insurance, shopping protection and free access to airport lounges when their flight is delayed by more than 60 minutes.
Commenting on the new project, Revolut’s Head of Savings and Lifestyle, Marsel Nikaj, said:
“As the world cautiously begins to open up, we know that so many are desperate to travel whenever they can, whether it’s Palermo or Mallorca. We created Stays to make it easy for people to find and book their perfect holiday in their ideal destination. After 18 months of endless restrictions and blocks, we want to enable people to get more for their money.”
How do Revolut users spend their money
In pre-pandemic 2019, Revolut users in Italy spent on average, per person, €355 on accommodation and €356 on flights, using their Revolut card and its features.
The intention announced is to add other useful options for travellers, such as booking flights, renting cars and other types of experiences that characterize a holiday. This is a long-term strategy with a constant focus on improvement and innovation that could make Revolut a competitor to industry giants such as Booking, Expedia or Airbnb.
Revolut, the global financial super app with over 16 million customers worldwide and 650,000 in Italy, has emerged as Europe’s second largest fintech after it raised $800 million in its latest funding round from investors SoftBank and Tiger Global Management, boosting its valuation to $33 billion.
Revolut’s founder and CEO Nikolay Storonsky recently said there is room in the company’s future for the BNPL “Buy Now Pay Later” market, i.e. short-term installment payments for online purchases.