UK fintech startup Revenir AI has launched a white-label app designed for banks, enabling travelers to automatically reclaim VAT on overseas purchases through their smartphones.
Each year, UK shoppers leave billions of pounds in VAT and similar taxes unclaimed while in Europe, often due to a cumbersome and confusing recovery process. CFO Miles Covers commented, “Many people don’t realize they can reclaim VAT on their shopping in Europe, while others find the process too tedious. As a result, approximately 80% of VAT goes unclaimed by UK travelers.”
The company’s app allows banks to facilitate VAT refunds to customers’ debit or credit cards within an average of 48 hours. This offers a significant improvement over current airport reclaim processes, which often require long queues and can incur fees of 40-70%. Traditional digital methods can take weeks and demand extensive paperwork, with commissions typically exceeding 35%.
Revenir has secured £2.5 million in funding from shareholders and is actively expanding its platform to include new destinations worldwide and within Europe.
Founder and CEO Shawn Du stated, “We’ve harnessed AI to simplify a complicated and often daunting process, making it enjoyable for bank customers to reclaim tax while enhancing their travel experience. The amounts may vary, but we anticipate that nearly everyone will utilize this service in the coming years.”