Revolut’s ‘Revcoin’: the new Tesco Clubcard

Loyalty is a powerful tool for fintech challengers to utilise but nobody can claim to be ‘the’ breakout success story yet. Perhaps Revolut will pull it off if it can only get around to launching its ‘Revcoin’.

Revolut, the global neobanking juggernaut and one of Europe’s most valuable fintech companies has long been known for its early bet on crypto. Its most recently rumoured iteration of this appetite for all things blockchain-based is the launch of its own native token focused on loyalty dubbed ‘Revcoin’.

The potential is huge. Perhaps it could even outflank the most successful loyalty scheme and use of customer data of the past 30 years: the Tesco Clubcard.

A total of 20 million people actively use their Tesco Clubcards in the UK alone, a figure likely higher than Revolut’s total global customer numbers of 15 million as of 2021. But with Revolut’s very rapid growth rate, the six year old company could be sitting on a much higher figure in five years’ time.

Revolut’s well-publicised super app ambitions mean it is launching financial features faster than any other bank or fintech. At the last count it had c.75 features in its app including insurance, stock trading and crypto brokerage, more than 5 times as many features as the likes of Santander, according to Optima.

In the same way that the supermarket consumption habits of nearly a third of the UK population are known by Tesco, Revolut could potentially use a similarly gigantic number of users’ own spending patterns to optimise these features and sell better and more lucrative financial products. This could be a very powerful revenue generator for a company increasingly focused on sustainable financials.

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