Today, Revolut, the Fintech darling, offered cashback to its customers in the form of cryptocurrency once they sign up to the firm’s new Metal account tier. It aims to generate more revenue from its 2.5 million customers.
Customers who will adopt the steel card can receive cashback of up to one percent in either digital or fiat currency on transactions that were made outside of Europe, withdraw up to a maximum of £600 per month from foreign ATMs without incurring additional charges, and experience a “dedicated concierge service” for various leisure activities.
Nik Storonsky, the founder and CEO of the company, promised that future benefits would include commission-free trading on the forthcoming platform of his company and airport lounge access, as he aims for additional income streams.
He stated: “The launch of Revolut Metal is also an important step towards the company generating additional revenue, especially as we prepare to launch a commission-free trading platform and expand the business into North America and Asia later this year.”
The firm’s cashback offer, however, is rather less generous inside Europe, where its customers can claim only 0.1 per cent on transactions.
The contactless card would cost £12.99 per month or £120 per year, and is underpinned by an agreement made with Mastercard.
Darren Deal, the vice-president of Mastercard UK and Ireland, stated: “From its unique look and feel, to its impressive range of cardholder benefits, combined with Mastercard’s trusted global acceptance it becomes a compelling offer to all regular overseas travellers.”
The other benefits that are offered include free international money transfers, overseas travel insurance, and unlimited foreign exchange.
The new offering included a third account tier to the digital banking startup. The company was launched three years ago, with existing products that include a free UK current account and a premium account that cost £6.99 per month.
Revolut is the first fintech startup to become profitable last December. Its £6.99 account was a hit with the customers, while it raised $250 million in a funding round that was led by Hong Kong-based DST Global last April, giving the company a valuation of $1.7bn.