Revolut Targets Europe’s Rewards Card Market
Revolut is reportedly building a rewards-based credit card that would use the RevPoints points system the company launched in July for use with debit cards.
The company’s new points-based credit cards are in the early stages of development, will be available in the U.K. and will be offered for each of its subscription tiers, Sifted reported Monday (April 14), citing unnamed sources.
Revolut did not immediately reply to PYMNTS’ request for comment.
When the company announced the launch of RevPoints in July, it said in a press release that the debit card loyalty program enables customers to earn points on everyday spending and redeem them for travel perks like airline miles and exclusive discounts on travel, accommodations and experiences.
Revolut has launched several other new products and services.
It was reported Friday (April 11) that Revolut plans to add U.K. stocks to its trading platform that already offers U.S. and European equities and serves over 800,000 U.K. trading customers.
“We are including U.K. stocks in our offering as we’ve seen interest from our U.K. customers to get exposure to the local economy and diversify their portfolio further,” Yana Shkrebenkova, CEO of wealth and trading U.K. at Revolut, told Bloomberg.
Revolut U.K. CEO Francesca Carlesi told The Wall Street Journal in an interview posted in March that the company is working to build out its banking operations in the U.K., expand globally and then launch an initial public offering (IPO).
The company aims to make its app — which currently lets users make payments, trade assets and hold money — a global financial services app.
Carlesi also said in March that as it prepared to expand its U.K. banking business, Revolut was hiring 100 new staffers and should have a staff of around 200 by the end of the year.
“We have been in constant and open dialogue with our regulators, to ensure our mobilization meets the highest standards,” Carlesi told Bloomberg News at the time. “We’re in no rush, as getting this right matters more, so once everyone is ready, we’ll launch the U.K. bank and begin to operate as one of the U.K.’s newest banks.”
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