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Revolut chases new growth through £12 cash referrals

The banking challenger, rumoured to be about to launch a huge round of fundraising, has expanded its long-held incentives to sign up family and friends beyond free cards and upgrades to its premium versions to cold, hard cash.

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Revolut users can now make a hefty £6 for every friend they sign up, who will also earn £6, as the digital bank looks to continue to supercharge its growth plans. 

To claim the £6 fees new users need to sign up, verify their ID, add at least £10 via card or bank transfer, and order a (free) physical card and make their first card payment. The offer is only open to new users and rewards are capped at the first 100 users that claimed their reward.

Revolut was week reportedly looking to a huge new round of fundraising that could be as large as £1.2bn.

Rival Monzo scrapped its own cash referral system last month, which stood at £5 per user sign-up after just one year as it said growth was coming through organically without the need for payments. A spokesman for Monzo said that it had signed up 100,000 people through cash referrals suggesting it spend c.£1m in the year.

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