Revolut Launches In App Price Comparison Service In UK
FinTech Revolut is working with Decision Tech, a price-comparison technology company, to launch a new service to help users compare — and switch — providers of gas, electricity, broadband, mobile and TV. This “Essentials” service will be rolled out in the U.K., according to an emailed release.
It’s been a hectic month for London-based Revolut. For one, the digital bank startup said it had landed $80 million in venture funding from San Francisco-based TSG Consumer Partners. This funding adds to the $500 million Revolut had already announced five months ago.
This week, Revolut said banking veteran Richard Davies is leaving his role as CEO, only one year after coming aboard help boost the startup. Davies is leaving to take over Allica Bank, which specializes in lending to businesses.
Revolut said Tuesday (July 28) that it is one of “only a handful of U.K. FinTechs offering a price-comparison service directly to customers.” The release said Revolut customers will have access to a range of suppliers and exclusive deals through its app.
The company said that in the U.K., “over 11 million households are on expensive” standard programs for electricity and gas. Now the company said, they can “get great deals on their energy bills, easily and quickly, with just a few clicks.”
Marsel Nikaj, head of savings at Revolut, added that the Essentials service can help millions of U.K. customers “get more out of their money.”
Decision Tech is part of the Moneysupermarket Group.
Mark Lewis, CEO of Moneysupermarket Group, said, “Our strategy is about helping people save money by making price comparison as easy as possible. This is exactly what we are doing here with Revolut.”
Founded in 2015, Revolut began by offering prepaid debit cards that allowed users to avoid foreign exchange fees while traveling abroad. Since then, the FinTech has expanded into business banking.
Revolut said it has more than 12 million customers.