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.
\nLet\u2019s 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\u2019t automatically marked.
\nAfter that, you can see all your recurring payments from the app and check how much you\u2019re spending with each merchant. If you spot a subscription that you completely forgot, you can block it \u2014 future payments will be declined.<\/p>\n
And if you don\u2019t 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.
\nIf 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.
\n4.5% bonus on savings accounts in the U.S.
\nIn 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.
\nIn 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.
\nDuring 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.
\nFor instance, if you spent $400 with your card last month and you have $500 in your savings vault, you\u2019ll receive the 4.5% bonus on $400. You\u2019ll also earn 0.25% to 0.5% on the entire savings vault.
\nIf 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.
\nOnce 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.<\/p>\n
Revolut partners with Flagstone to offer savings vaults in the UK<\/p>\n
Metal cards for business customers
\nPeople care about metal cards. That\u2019s why many fintech startups now offer expensive monthly plans with metal cards \u2014 N26, Bunq, Curve and Revolut.
\nBut 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.
\nRevolut Business customers with a free account or a freelancer account can\u2019t order metal cards. Customers on the Grow, Scale or Enterprise plans receive one, two or five metal cards respectively.
\nAnd if you want to order more metal cards, it costs \u00a349 per card. You can choose a card among five different colors \u2014 black, gold, rose gold, space grey and silver.
\nOther than a new look, metal cards don\u2019t differ from standard cards. It\u2019s a small perk that you get with a paid plan. Revolut has managed to attract 500,000 customers for its Revolut Business product.<\/p>\n
Revolut extends Series D round to $580 million with $80 million in new funding<\/p>\n