Qover has formalised a major partnership with online bank Revolut.
The Brussels-based company, already a partner of Deliveroo, will provide three insurance products to Revolut in 33 countries. The neobank currently has some 12 million customers worldwide, including more than 100,000 in Belgium, and is valued at more than 5.5 billion dollars.
Revolut has taken advantage of the pandemic and the growing needs of consumers for digital solutions. It makes the majority of its profits through the commissions it takes on transactions, and through customers who opt for a paid plan.
Qover will now provide three products to subscribers of these plans: purchase protection; a 90-day right of withdrawal; and cancellation insurance for tickets for sporting and cultural events.
This agreement brings new horizons to Qover – which currently has 63 employees – but also allows for the transformation of Revolut.
Revolut now intends to move from fintech status intended for young travelers to that of general public bank. It recognises Qover as key to its ambitions. “Qover is one of the few players able to provide us with a global solution,” said Nikolay Storonsky, co-founder and CEO of Revolut.