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Revolut lets you track your subscriptions, adds savings bonus in the US

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Fintech startup Revolut has rolled out a handful of additional features over the past few days. The financial app lets you track all your subscriptions that you pay with your Revolut account or your card. In the U.S., Revolut is adding a savings bonus based on your purchasing habits. Finally, business customers can now order metal cards.
Let’s start with subscription tracking. For customers in Europe, Revolut is trying to make it easier to stay on top of your various subscriptions. Direct debit or card transactions are automatically marked as recurring. You can also manually mark transactions as subscriptions in case they aren’t automatically marked.
After that, you can see all your recurring payments from the app and check how much you’re spending with each merchant. If you spot a subscription that you completely forgot, you can block it — future payments will be declined.

And if you don’t have a lot of money on your account, you receive a notification warning you that a subscription payment is coming up. Subscriptions can be accessed from the Payments tab under Scheduled.
If you have multiple bank accounts, some users might switch their payment information to their Revolut card just to keep all their subscriptions in Revolut. It could boost usage.
4.5% bonus on savings accounts in the U.S.
In some markets, Revolut offers savings vaults. As the name suggests, those sub-accounts let you put some money aside and earn interest. You can round up card transactions and save spare change in a vault, you can set up weekly or monthly transactions or you can transfer money manually whenever you want.
In the U.S., customers earn 0.25% annualized percentage yield (APY) with their savings vaults. If you pay for a premium subscription, you get 0.5% APY with a Revolut Premium or Revolut Metal plan.
During the COVID-19 pandemic, you get a generous bonus on top of your normal interest rate: Revolut calculates how much you spent with your Revolut debit card the previous month; that amount is eligible for a 4.5% APY bonus.
For instance, if you spent $400 with your card last month and you have $500 in your savings vault, you’ll receive the 4.5% bonus on $400. You’ll also earn 0.25% to 0.5% on the entire savings vault.
If your savings vault balance is lower than how much you spent with your card last month, your entire vault is eligible for the bonus. Interest is calculated daily using an annualized rate and paid out the first business day of the following month.
Once again, the new feature should boost engagement in the U.S. for both card transactions and savings vaults. Revolut has 13 million customers in total, including 150,000 in the U.S.

Revolut partners with Flagstone to offer savings vaults in the UK

Metal cards for business customers
People care about metal cards. That’s why many fintech startups now offer expensive monthly plans with metal cards — N26, Bunq, Curve and Revolut.
But Revolut Business customers have been limited to plastic cards (or virtual cards). If you use Revolut Business for your company, you can now order metal cards depending on your plan.
Revolut Business customers with a free account or a freelancer account can’t order metal cards. Customers on the Grow, Scale or Enterprise plans receive one, two or five metal cards respectively.
And if you want to order more metal cards, it costs £49 per card. You can choose a card among five different colors — black, gold, rose gold, space grey and silver.
Other than a new look, metal cards don’t differ from standard cards. It’s a small perk that you get with a paid plan. Revolut has managed to attract 500,000 customers for its Revolut Business product.

Revolut extends Series D round to $580 million with $80 million in new funding

Revolut lets you track your subscriptions, adds savings bonus in the US

Revolut expands bank account aggregation to Ireland

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Fintech startup Revolut has expanded its open banking feature to Ireland. The feature first launched in the U.K. back in February. Once again, the startup is partnering with TrueLayer to let you add third-party bank accounts to your Revolut account.
The feature launch also marks the launch of TrueLayer in Ireland. For now, Revolut users can only link their Revolut account with AIB, Permanent TSB, Ulster Bank and Bank of Ireland. Revolut and TrueLayer will add support to other banks in the future. Revolut currently has 1 million customers in the Republic of Ireland.
The idea behind open banking is quite simple. Many online services rely on application programming interfaces (APIs) to talk to each other. You can connect with your Facebook account on many online services, you can interact with other services from Slack, etc.
Financial institutions have been lagging behind on this front, but it is changing thanks to new regulation and technical updates. With open banking, your bank account should work more like a traditional internet service.
When you connect your bank account with Revolut, you can view your balance and past transactions from a separate tab that lists all your linked accounts. Users can also take advantage of Revolut’s budgeting features with their bank accounts.
As TechCrunch’s Steve O’Hear noted when he first covered Revolut’s open banking feature, Revolut was originally authorized for Account Information Services (AIS) by the U.K. regulator, the Financial Conduct Authority. It lets you access and display information from other financial institutions.
But the startup now has permission to carry out Payment Initiation Services (PIS). It means that you’ll soon be able to initiate transfers from your bank account directly from Revolut. It should make it much easier to top up your Revolut balance, for instance.
While this feature might seem anecdotal, Revolut wants to build a comprehensive financial hub for all your financial needs — a sort of super app for everything related to money. With open banking, you theoretically no longer have to open your traditional banking app.
Image Credits: Revolut

Revolut expands bank account aggregation to Ireland

Challenger bank Bnext revamps rewards for purchases in partner stores

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Spanish startup Bnext is revamping its cashback program so that you can buy from partner stores directly from the Bnext app and get some money back. The company has partnered with Button and the feature is available as an open beta.
Traditional cashback portals are a bit clunky. When you find an offer that gives you 2% of your money back, you click on the offer, get redirected to the partner site and hope that your purchase will be registered. A bit later, you get some money back on the cashback website, which you need to cash out to your bank account.
If you’re using Bnext as your bank account, you’ll be able to access rewards directly from your banking app. In addition to that, you don’t get redirected to another site as you purchase goods directly from the Bnext app.
There are multiple levels. If you’re making your first purchase through the feature, you get 1% in savings on average. If you’ve made more than three purchases over the past 30 days, you get 3% in savings on average. In order to reach level 3, you need a premium Bnext subscription. With that level, you get 5% in savings on average.
Partners include AliExpress, Booking.com, eDreams, Europcar, Nike, Just Eat and more. Eventually, the startup wants to let you earn rewards from in-store purchases as well. Bnext is creating a new revenue stream with this feature as the startup will keep a share of the revenue from each transaction.

Bnext provides current accounts and payment cards. You can receive notifications for each transaction with your card, and temporarily lock and unlock your card. You don’t pay any foreign transaction fee as long as you spend less than €2,000 per month with a standard account.
The company has also put together a marketplace of fintech products. You can earn interest by lending money to small companies on October, get a loan, an insurance product and more.
Earlier this year, the startup expanded to Mexico. The company plans to roll out rewards in Mexico soon. Bnext has managed to attract a bit less than 400,000 users.

Challenger bank Bnext revamps rewards for purchases in partner stores

Revolut launches Revolut Junior to help you manage allowance

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Revolut is introducing a new product specifically targeted toward kids aged 7-17 years old — Revolut Junior. Revolut Junior is a new app and service that integrates directly with the main Revolut app on the parent’s side.
Parents or legal gardians who are also Revolut users can create a Revolut Junior account for their kid. After that, your kid can download the Revolut Junior app and get a Revolut Junior card.
The new app offers a limited set of features with an interface divided in two tabs — Account and Profile. Kids can see a list of transactions in real time in the Account tab. They can configure card settings in the Profile tab. And that’s about it.
On the other end, parents can control their kids’ spending from Revolut. They can transfer money to a Revolut Junior account instantly. Parents can also access balances and transactions as well as disable some card features, such as online payments. They can also choose to receive notifications when a child is using their card.
The reason why Revolut Junior can attract a ton of users is that Revolut itself already has over 10 million users. It’s going to be easier to convince existing Revolut customers to use Revolut Junior over a custom-made challenger bank for teens, such as Kard or Step. Arguably, the biggest competitor of challenger banks for teens is still cash.
As kids grow up, chances are they’ll switch to a full-fledged Revolut account if they’ve been using Revolut Junior for years. Revolut Junior represents a great acquisition funnel as well.
Revolut Junior is only available to Premium and Metal customers in the U.K. for now. The company will eventually roll it out to more users and more countries.
Revolut plans to add more features to Revolut Junior in the future. For instance, parents will be able to set a regular allowance and financial goals. Kids will get savings options, spending reports, spending limits and more.

Revolut launches Revolut Junior to help you manage allowance