London-based challenger bank Revolut now offers insurance cover for customers under the Revolut Metal, Premium, and Plus plans. A press release states that the new product is in partnership with digital insurance firm Wakam and insurtech provider Qover.
The insurance covers users against damage and theft of purchases, disputes with sellers, and event cancellations at zero extra charges.
As per the announcement, users will enjoy speedy refunds when they purchase faulty products or where merchants do not have a return policy. Customers will also get refunds for canceled events due to unforeseeable circumstances like Covid-19.
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Revolut Head of Premium Product Felix Jamestin highlights the motivation of launching new products. Jamestin states that:
“Since Revolut’s inception, we have worked to develop our offering so that we can provide our customers with one app, which includes a range of features and smart tools, that they can use to manage their money. We’re always looking to add new features that customers can benefit from, so we are pleased to be able to offer those on our Metal, Premium and Plus plans automatic protection for their everyday purchases, and a seamless underwriting and claims experience via our mobile app.”
The cover is available for customers in all 33 European countries as Revolut moves to establish itself in the fintech world.
Revolut’s substantial user growth
Revolut is in the process of building on the momentum established in the second half of last year. The firm has reported substantial growth in user base and revenue.
Although Revolut’s revenue fell 40% early in 2020, the business rebounded towards the second half. Revolut currently has over 13 million retail banking users and 500,000 ‘Revolut for Business‘ customers.
