Fintech startup Revolut has signalled its intent to appeal to millennials and those with interests in a crypto economy by launching a new card that offers cashback benefits in either cryptocurrencies or fiats. It’s a signal of intent seen from the fintech market aiming to take on traditional banks – many of whom are reluctant to move into cryptos such as Bitcoin.
“It’s a sign of things to come,” says one banking analyst. “Revolut and other newcomers like Starling are looking to appeal to a versatile consumer who wants a number of benefits but is increasingly looking for a bank that provides forward-looking service.
“With Open Banking we’ve seen a number of new players hit the market with a range of new offerings,” says the same banking analyst. “It might seem odd but using a bank with a range of technologically impressive features is no longer considered a marketing gimmick, it’s considered smart to be looking to the future of financial services such as blockchain and cryptos.”
Launched on August 22, Revolut’s Metal customers will receive up to one percent cashback on all card transactions made outside Europe and 0.1 percent on the continent. The cashback will be available in fiat currencies or the five cryptocurrencies supported by the company. Customers will also be able to withdraw up to £600 per month for free at international ATMs and a range of other services from health and travel insurance.
With such an emphasis on the travel market, Revolut seems to be embracing a new attitude towards currency exchange and foreign exchange markets.
“Folding cryptos into traditional fiat foreign exchange markets is a new and interesting dynamic,” says the bank analyst. “It’s got a really obvious appeal.”
The company has also signalled intentions to develop the product, said CEO Nik Storonsky, on announcing Metal.
“We are absolutely convinced that Revolut Metal will be the exclusive card of the future, and an absolute must for travellers worldwide. While the plan already comes with a bunch of new features, there is so much more to come, including commission-free trading and airport lounges.”
Revolut has more than 2.5 million customers across Europe and has processed more than 150 million transactions since July 2015, according to the company.