Crypto-junkies and digital nomads rejoice because Revolut just launched its most exclusive card yet.
Revolut Metal offers cash back in cryptocurrency on card purchases, a personal concierge, travel insurance and a higher £600 ($771.3) limit on free global ATM withdrawals per month, along with all of Revolut’s existing Premium features.
But Metal, which of course includes an exclusive metal bank card, comes at a cost—£12.99 ($16.69) per month or £120 ($154.2) for the year.
It’s a clear drive to push the business further into profitability, ahead of Revolut’s ambitious plan to expand into the U.S. and Asia later this year.
Revolut Metal is £12.99/month and comes with a metal bank card.
The executive card
“We are absolutely convinced that Revolut Metal will be the exclusive card of the future, and an absolute must for travelers worldwide,” said Revolut CEO Nikolay Storonsky on the launch.
With 2.5 million users across Europe, last December Revolut became the U.K.’s first digital banking startup to break even and turn a profit as users flocked to its existing £6.99-a-month Premium tier.
Storonsky said today’s launch will further bolster Revolut’s coffers, not that the company needs it, having only recently raised $250 million from investors including Hong Kong’s DST Global in April.
“The launch of Revolut Metal is also an important step towards the company generating additional revenue, especially as we prepare to launch a commission-free trading platform and expand the business into North America and Asia later this year.”
Metal’s cash back starts at 0.1% for card transactions made in Europe and 1% for payments made outside Europe, with cash back paid in any of Revolut’s 25 fiat currencies or 5 cryptocurrencies.
It appears the card is a direct response to Revolut’s largest European rival, N26, whose own N26 Metal account costs €16.90/month ($19.50) and comes with a concierge service and exclusive discounts on things like WeWork membership.
Revolut already offers everything from insurance to cryptocurrency trading, personal loans to airport lounge access. In the coming months, the company has also said, it’s even hoping to launch commission-free share trading, similar to Robinhood in the U.S. or Freetrade in the U.K.
