Revolut Upgrades Purchase Protection Plans

Revolut has launched several updates to its paid plan, including purchase and return protection, event insurance and a deal-finder browser extension, according to a press release emailed to PYMNTS.

Eligible items bought using a Revolut account that are stolen or damaged within 90 days of purchase are covered under the FinTech’s comprehensive purchase protection plan, for up to $2,500 per claim for Premium users and $10,000 per claim for Metal users.

Additionally, under Revolut’s return protection plan, users can get their money back for returns, within 90 days of purchase, that a retailer will not accept. Revolut will cover up to $300 per item, with an annual cap of $600.

And with its new event insurance, Revolut will also cover reimbursements of up to $1000 per ticket for events that customers that are unable to attend.

In Revolut’s recently released annual report for 2020, the company revealed that its adjusted revenues were up 57 percent, a press release says. The boost comes from the previous number of £166 million in 2019. Personal customers were up 45 percent, going from 10 million to 14.5 million by the end of last year.

Today’s announcements also mentioned the launch of Revolut Shopper, a browser extension that the company introduced in May and helps customers save money by automatically finding deals and discount codes. Shoppers can even earn cash back on top of getting discounts when shopping at Revolut partners.

“At Revolut, we’re always looking for ways to make the lives of our customers easier. As restaurants, storefronts, and music venues across the country reopen to the public, we’re excited to empower our customers to find the best deals and spend without worry through Revolut Shopper as well as our new purchase protection benefits,” said Ronald Oliveira, Revolut’s US CEO, in the press release.

Revolut’s services include a financial platform that provides the functionality of a regular bank while skipping some factors like the fees traditional banks implement. The company launched in 2015 and has raised almost $1 billion in investments since then. In addition, the company was valued at $5.5 billion as of earlier this year.

Revolut recently boosted its service in the U.S. to encompass all 50 states. PYMNTS states that the company submitted for a bank license in March, writing that it had also expanded its Revolut Business product for the entire country.