London fintech Revolut is planning a new debit card that will give people cash back in cryptocurrencies.

The fast-growing startup raised $250 million this week.

Revolut is also planning to launch wealth management and cards for kids that parents can control.



LONDON — Fintech startup Revolut is planning to launch a new metal debit card that will let customers claim 1% cash back in cryptocurrencies, its CEO has told Business Insider.

Nikolay Storonsky told BI: "In the next three months we’re going to launch Platinum cards — it’s a metallic card that allows you to get 1% cash back in cryptocurrencies and also provides you a concierge service."

The debit card will carry a fee like Revolut's Premium card, which costs £6.99 a month and offers services such as travel insurance.

"It gives you the stuff the Premium card gives you but then on top of it you get cash back in cryptocurrencies," Storonsky said of the new Platinum card.

London-head quartered Revolut started as a no-fee foreign exchange card linked to an app but has branched out into everything from travel insurance to cryptocurrency trading. The startup has proved wildly popular and now has over 1.8 million customer and 250,000 daily active users. Revolut announced a $250 million funding round valuing it at $1.7 billion earlier this week.

Revolut launched cryptocurrency trading through its app at the end of 2017 and Storonsky said the company saw an uptick in activity but it has since trailed off as the price of bitcoin has fallen.

"We saw quite a big volume in December," Storonsky said. "January, February, March it came off but that’s in line with the whole market. When the prices moves again, I think we’ll see higher volumes but for now, with cryptocurrencies down, no one is buying it."

As well as a new Platinum card, Storonsky said Revolut is planning to launch wealth management and integration for its business accounts with services like Slack, Xero, and Quickbooks.

He added: "We’re launching secondary cards, which are effectively a product that allows parents to give a card to their kids and then watch their spending and do some parental controls, for example they can’t withdraw from ATM, they can’t spend on drinking etc."

Revolut currently operates across Europe and is planning to launch in the US, Australia, Canada, and Singapore in the next few months.