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UK Fintech Startup Revolut Will Give Cash Back In Cryptocurrencies

May 03 2018
Founder and CEO of smartphone-based bank Revolut, Nikolay Storonsky attends a session at the Paris Fintech Forum in Paris on January 30, 2018. / AFP PHOTO / ERIC PIERMONT (Photo credit should read ERIC PIERMONT/AFP/Getty Images)

In a bold bid to further tempt young, tech-minded customers, London-based fintech startup Revolut is going to launch a debit card that gives users1% cash back in cryptocurrencies.

The news, first reported by Business Insider, comes just after Revolutbecame a so-called unicorn this week. A unicorn is a tech industry term for a privately held startup that's valued at more than $1 billion.

Revolut's chief executive Nikolay Storonsky told Business Insider: "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."

This won't be Revolut's first foray into cryptocurrencies: the digital bank began letting its customers trade cryptocurrencies through its apptowards the end of last year.

Revolut customers have been able to buyBitcoin, Ethereum, and Litecoin since early December.

As a result of the move, Revolutrevealed in February it broke even in December for the first time — and added500,000 customers in January and February to take its totalcustomer base to 1.5 million.

Storonsky told BI:

We saw quite a big volume in December. January, February, March it came off but that’s in line with the whole market. When the prices moves again, I think we’ll see higher volumes but for now, with cryptocurrencies down, no one is buying it.

Revoluthas ambitions to entirely replace conventional bank accountsand now claims to process $1.8 billion in transactions each month.

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