Neobank Revolut has teamed up with price comparison technology company Decision Tech to launch a new service to help users compare and switch operators.
It’s been a busy week for challenger bank Revolut. The UK FinTech unicorn has not only topped up its already massive $500m Series D round with an additional $80m, but it has also just launched a new service called Essentials.
The new feature is the result of a collaboration between Revolut and Decision Tech, the Moneysupermarket Group company that offers price comparison technology to other brands.
Here’s how it will work: by using the service, Revolut’s UK users to switch and save on their bills for gas, electricity, broadband, mobile, and TV. Essentials will also give the customers access to a range of suppliers and exclusive deals via the Revolut app.
An example provided by Revolut says that over 11 million households are on expensive standard variable energy tariffs for their electricity and gas. According to the neobank, these cost up to £300 more than the cheapest deals. But, the companies behind the deal suggest that the new feature will enable these users to tap into new and cheaper and better deals with just a few clicks.
“This is a big milestone in Decision Tech’s success in building out Moneysupermarket’s B2B capability,” said Michael Phillips, CEO of Decision Tech. “Thanks to the tie up between Revolut’s open banking data and Decision Tech’s switching platform, customers can switch their energy, broadband or TV and mobile phone providers without having to leave the app.”
Marsel Nikaj, head of savings at Revolut, added, “Our mission has always been to provide our customers with greater control over their finances, help them save money and improve their financial health, so we’re delighted to partner with Decision Tech and MoneySuperMarket on this innovative service. We believe that Essentials can help millions of our UK customers save on their gas, electricity, broadband, mobile, and TV bills, so they can get more out of their money.”
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