UK fintech Revenir AI is introducing new technology enabling UK travellers to automatically claim VAT refunds on purchases made abroad.
The platform streamlines the cumbersome VAT reclaim process through partnerships with tax authorities and financial institutions. By offering a white-label app for banks, Revenir enables refunds directly to customers’ debit or credit cards, with claims processed in as little as 48 hours.
CEO Shawn Du conceived the idea after enduring lengthy queues to reclaim VAT at Heathrow Airport post a family vacation, refining it during his MBA studies. During his time at Imperial College London, Du crossed paths with co-founder Miles Covers, sharing a vision for creating innovative solutions for global markets.
Together, they founded Revenir with the goal of enhancing efficiency and reducing paper consumption for tourists.
Du comments: “We’ve used AI to transform a complex, rather off-putting process into an easy, fun way for bank customers to claim back tax while making travel more rewarding. The amounts can be small or large, but we believe almost everyone will use it in the coming years.”
While Covers, the CFO, also added: “Many people don’t know they’re eligible to reclaim VAT on shopping in Europe; others don’t bother as it is too much hassle – so some 80 per cent of VAT is left unclaimed by UK travellers abroad.”
Revenir have created a customisable app for banks, enabling them to swiftly reimburse VAT to their retail clients through their debit or credit cards, typically within 48 hours. In contrast, airport reclaims often entail lengthy queues and fees ranging from 40 to 70 per cent. Traditional digital processes can take weeks, involving extensive paperwork and receipt copies, with commissions usually exceeding 35 per cent.
London-based Revenir has secured £2.5million from investors to broaden its platform by introducing new destinations worldwide, including Europe.
