Fintech startup Revolut has launched its subscription plans with a new mid-tier offering called Revolut Plus.
For the past couple of years, challenger banks and alternatives to traditional bank accounts have been packaging additional services into paid plans. Essentially, those fintech startups are slowly becoming freemium software-as-a-service companies.
Revolut already has two paid plans — Premium and Metal. Premium increases limits on free ATM withdrawals and foreign exchange. Users also get overseas medical insurance, delayed baggage and flight insurance, and winter sports coverage; and can also access advanced features, such as disposable virtual cards and Revolut Junior accounts.
With a Metal plan, the insurance package is a bit more thorough, with purchase protection and car hire excess. It gets a tiny bit of cashback on purchases (0.1% in Europe, 1% outside of Europe capped at the monthly subscription price) and higher limits across various products.
The Revolut Plus costs £2.99 per month, which makes it a lot more affordable than Revolut Premium. The main selling point is purchase protection provided by Qover. All paid plans now get purchase protection with different limits on damaged or stolen goods (up to £1,000, £2,500, and £10,000 depending on your plan). You can get a refund on purchases up to 90 days after buying eligible products. If you book a ticket and your event is canceled, you could also get a refund.
The new Plus plan is available today in the U.K. and will be rolled out next week in the European Economic Area.