Revolut enters travel industry in big leap

Karthik Subramanian

Revolut, the currency exchange and payments provider, has done a big leap of faith by a launch into the travel industry with its platform called ‘Stays’.

The new feature was introduced on Tuesday which helps users to book accommodation in hotels and other places using the app in what is seen as a direct challenge to the likes of and Expedia in the long run. For now, the users would be able to book only accommodation but it is expected that this would be expanded to help users book flight tickets and other such services related to travel.

“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,” said Marsel Nikaj who is Revolut’s head of savings and lifestyle. “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 has been a Europe-based company so far and this Stays feature has been launched only in the UK for now though it would be expanded into other parts of Europe and the US as well in the months to come. The company had been a fintech focussed company for a long time and this switch to travel has been quite a surprise. But the timing seems to be just about right as the world is recovering from the global pandemic and the travel industry, which has been the worst hit with the lockdowns, is also expected to receive a boost in the coming months.

The users who book through the Revolut app would also be getting a 10% cashback on their booking. It seems that Revolut wants to build a super app that users can use to do a variety of functions ranging from financial management to travel for now.

A few weeks back, we had reported that the company was looking to raise around $1 billion to fuel its growth and expansion plans but at the time it was believed that it would be focussing on expansion in the fintech sector but now it becomes clear that it is looking beyond fintech as well. The company has been making losses even till last year but with this spin-off into travel and probably with other spin-offs on the horizon, investors would likely be flocking to the company pretty soon.

Read this next

Retail FX

Texas Slaps Forex Scam with Cease and Desist Order

The Texas State Securities Board (TSSB) is following through on its promise to crack down on online trading fraud.

Industry News

JPMorgan Chase to open its UK neobank next week

JPMorgan Chase, the biggest US bank by total assets, will next week launch its City’s digital-only bank, which offers a range of savings and loan products under its ‘Chase’ brand in the UK.

Retail FX

TIOMarkets UK reports $78,461 in 2020 revenues

TIOmarkets’ FCA-regulated entity reported its financial results for the year ending December 31, 2020. The company posted a revenue figure that was nine times the amount it reported in the fiscal year of 2019.


Equiduct deploys big xyt’s data analytics for equity market structure

“Banks, asset managers, exchanges and market participants across the globe consistently rely on big xyt as an independent reference for equity market structure”.

Retail FX

BDSwiss partners with PayRetailers to address payment landscape in LATAM

PayRetailers’ suite of payment options via single seamless API integration will be available for BDS Markets Ltd. only.

Digital Assets

Coinbase applies for NFA license while awaiting SEC lawsuit

A license from the National Futures Association (NFA) would open the door to cryptocurrency derivatives trading.

Industry News

Euroclear acquires MFEX to enhance offering for fund distributors and fund managers

This transaction brings together two highly complementary businesses.

Industry News

Madoff Victim Fund sends $568 million to 31,000 victims of Ponzi scheme

Bernard L. Madoff used his position as chairman of BLMIS to steal billions from his clients.

Digital Assets

Revolut uses Bitcoin to Pay for its office space

Revolut, the company that is looking to build a financial super app, has used bitcoin to pay for its largest office space in Dallas, Texas to the flexible workspace provider WeWork.