Fintech darling Revolut today offered customers cashback in the form of cryptocurrency if they sign up to its new Metal account tier, as it aims to generate more revenue from its 2.5m customers.
Those who adopt the steel card can get up to one per cent cashback in either fiat or digital currency on transactions made outside Europe, withdraw up to £600 each month from foreign ATMs without incurring charges, and enjoy a “dedicated concierge service” for leisure activities.
Founder and CEO Nik Storonsky promised future benefits would include commission-free trading on his company’s forthcoming platform and airport lounge access, as he targets extra income streams.
“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,” he said.
However, its cashback offer is rather less generous inside Europe, where customers can claim just 0.1 per cent on transactions.
The contactless card costs £12.99 per month or £120 for a year, and is underpinned by an agreement with Mastercard.
“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,” said Mastercard UK and Ireland vice-president Darren Deal.
Other benefits on offer are unlimited foreign exchange, free international money transfers, and overseas travel insurance.
The offering adds a third account tier to the digital banking startup, which launched three years ago, with existing products including a free UK current account and a £6.99 per month premium account.
Revolut became the first fintech startup to become profitable last December when its £6.99 account scored a hit with customers, while it raised $250m in a funding round led by Hong Kong-based DST Global in April, giving it a $1.7bn valuation.
Rival Monzo has lined up a $150m funding round led by Silicon Valley’s Accel Partners to give it a $1.5bn valuation, it was reported last week, confirming its tech unicorn status.
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