Revolut Singapore partners SNACK by Income
Money management app Revolut , which reaches approximately 70,000 users in Singapore, and SNACK by Income, which launched in June, are now partners.
The collaboration will explore embedding SNACK into Revolut’s Spare Change Round Up feature from their Savings Vault which will give customers the option to purchase insurance coverage on SNACK. Through bite-sized premiums of $0.30, $0.50 and $0.70, linked to daily lifestyle activities such as dining, taking public transport, spending using their Revolut Visa debit card as well as clocking steps on Fitbit, Revolut customers will have the full flexibility to purchase insurance products such as Term Life, Critical Illness and Personal Accident, from the accumulated spare change in their Savings Vault on the Revolut app.
In addition, as part of the collaboration, starting today, Revolut customers will receive a $500 one-time complimentary insurance coverage when they sign up for an account on the SNACK app. This is part of a wider line-up of other initiatives that will be rolled out later this year in collaboration with SNACK.
“With the pandemic and economic downturn, people are more mindful of how they are spending their money. With Revolut, our customers enjoy excellent exchange rates, instant peer-to-peer transfers, rewards and cashback offers on e-commerce spend, real-time spend updates and smart analytics that provide useful predictions that help them manage their expenses. Our partnership with SNACK layers insurance protection over our existing money management features and allows our customers access to micro-insurance products that are underwritten by NTUC Income. With premiums from as low as $0.30, our customers can build up coverage by linking their daily activities to the purchase of Life, Personal Accident and Critical Illness insurance. In addition to this partnership, our customers can also look forward to further new products in the coming weeks and months.” – James Shanahan, CEO of Revolut Singapore.
“SNACK’s unique proposition of integrating insurance seamlessly into a customer’s lifestyle almost invisibly, with bite sized premiums linked to daily lifestyle activities complements Revolut’s business model as a personal financial app. SNACK’s modular approach to bite-sized insurance reimagines how people obtain and consume insurance. This provides tremendous flexibility in tailoring solutions based on the needs of customers and integrating it with partners’ platforms to create a unique experience, just like how SNACK can be incorporated into Revolut’s Round Up feature, giving customers greater convenience and freedom in managing their financial needs at their fingertips.” – Peter Tay, Chief Digital Officer of Income.