Fintech company Revolut has launched a new metal card, it is actually made of steel. Its new ‘platinum’ debit card comes with new benefits such as giving cashback in cryptocurrencies. Other plans on the horizon include cards for kids that parents can control and wealth management.
The new card, like the existing premium card will carry a monthly fee. The Revolut premium card costs £6.99 pm while the new metal card will cost £12.99 a month. Both offer services such as travel insurance and personal concierge services. The new debit card is being aimed at the business travellers who are constantly on the move. For each transaction made outside of Europe, customers will receive up to 1 per cent cashback in either fiat (normal currency) or cryptocurrency, like bitcoin but spending in Europe will result in cashback of only 0.1%. There will be unlimited foreign exchanges and free international money transfers. A dedicated concierge service will book anything from flights to festival tickets, whilst included overseas travel insurance covers areas including health, dental, flight and luggage delays
Founder and CEO of Revolut Nikolay Storonsky said: “In the next three months we’re going to launch Platinum cards — it’s a metallic card that allows you to get 1% cash back in cryptocurrencies and also provides you a concierge service.”
It gives you the stuff the Premium card gives you but then on top of it you get cash back in cryptocurrencies,” Storonsky said of the new Platinum card.
London-head quartered Revolut started as a no-fee foreign exchange card linked to an app but has branched out into everything from travel insurance to cryptocurrency trading. The startup has proved wildly popular and now has over 1.8 million customers and 250,000 daily active users.
At the end of last year Revolut launched its app for cryptocurrency trading. Storonsky said the company had seen high interest in activity but it has since trailed off as the price of bitcoin has fallen.
“We saw quite a big volume in December,” Storonsky said. “January, February, March it came off but that’s in line with the whole market. When the prices move again, I think we’ll see higher volumes but for now, with cryptocurrencies down, no one is buying it.”
Under its plans to launch a wealth management scheme Storonsky said the plan would see integration for its business accounts with services like Slack, Xero, and Quickbooks.
He added: “We’re launching secondary cards, which are effectively a product that allows parents to give a card to their kids and then watch their spending and do some parental controls, for example they can’t withdraw from ATM, they can’t spend on drinking etc.”
Storonsky, went on to say “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 raised $250 million in funding earlier this week valuing the company at $1.7billion