Revolut gives out £250,000 over the next month, every customer is able to earn points and to win a part of the prize fund.
Points are used to enter weekly prize draws in the Revolut app, with anywhere from £1 to £10,000 in cash up to win.
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The so-called Revolut Points work for Standard, Plus, Premium and Metal customers in the UK starting from today. Premium and Metal customers are about to get 1.5x and 2x points respectively, compared to Standard and Plus customers.
“We want to dedicate this big initiative to our customers for their support over the past year. Since the very beginning of our journey, Revolut’s goal has been to allow people to get more from their money,” Vishaal Vadher, senior product owner at Revolut said.
“Points is another step in that direction. We want our customers to be rewarded for choosing Revolut as their everyday financial partner and to have the chance to win great prizes while they already benefit from many other innovative features.”
Revolut also expects that the customers will be interacting with their friends stating: “The best thing about Points is that anyone can become a winner, so why not get your mates involved? Invite a friend and not only will you be able to compete with them on the leaderboard, but you’ll earn 30% off all the Points they collect.”
Only recently, Revolut announced that 2020 adjusted revenues, that grew 57% to £261 million. However, operating losses in 2020 have doubled.
Revolut CEO Nik Storonsky explains that the company decided to shift its focus during Covid-19 to more profitable markets like crypto and stock trading.
Revolut also finds itself in the early stages of another fundraising round. This one could value the company at $20bn (€16.8m) or more. Still, Revolut is not about to pursue a stock market listing.