Wednesday 20 June 2018

Fintech startup Revolut offers worldwide mobile phone protection for as little as €1 a week

App-based banking alternative Revolut has collaborated with Simplesurance Stock Image: Getty Images
App-based banking alternative Revolut has collaborated with Simplesurance Stock Image: Getty Images
Louise Kelly

Louise Kelly

A fintech startup has launched its initial insurance offering which will allow users to protect their mobile phone worldwide for as little as €1 a week.

App-based banking alternative Revolut has collaborated with Simplesurance to allow its 50,000 Irish users to avail of the low-priced device cover.

Berlin-based Simplesurance was founded in 2012 and has since acquired more than 300,000 customers worldwide.

Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, Revolut offers a free, easy-to-open app-based account, and allows users to spend abroad with no fees with a contactless MasterCard, send free domestic and international money transfers and hold and exchange 26 currencies in-app with the interbank exchange rate.

With the launch of the first phase of the firm's insurance package, users are protected against water, accidental and operational damage (including cracked screens) for devices up to six months old.

Nikolay Storonsky, Founder & CEO of Revolut said that 80pc of their users owning a high end mobile phone and one third of them admitting to breaking their screens within the first year of buying their phone.

"We wanted to provide secure and cost-effective cover for all of our users - particularly those of our users who travel frequently and struggle to get affordable worldwide insurance," he said.

Simplesurance and Revolut aim to have broken phones repaired in under 48 hours, with premium customers receiving a 20pc discount on device insurance and having the flexibility to pay upfront or weekly.

Allianz Worldwide Partners is the underwriter behind the new device insurance scheme, which is being offered to users at rates of €1.00 per week or €45.00 for a full year.

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