Meet Revenir.ai, a London-based fintech firm spearheading hassle-free mobile VAT reclaim for globetrotters.
UK Firm Revolutionizing VAT Reclaims with Cutting-Edge AI Technology
Founder and CEO Shawn Du had a lightbulb moment while enduring endless VAT claim queues at Heathrow following a family holiday. Determined to streamline the process, Du, alongside Co-Founder Miles Covers, developed an innovative solution during their time at Imperial College London.
The result? A cutting-edge technology that automates VAT refunds through partnerships with tax authorities and financial institutions, all driven by artificial intelligence.
"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% of VAT is left unclaimed by UK travelers abroad," explains Miles Covers, the CFO of Revenir. But with their white-label app for banks, reclaiming VAT becomes as simple as a few taps on a smartphone, eliminating the need for tedious paperwork and lengthy queues.
With £2.5 million in funding, Revenir is disrupting the £100 billion global tax reclaim market with its AI-driven platform, which promises to deliver refunds to retail customers within an average of 48 hours.
"Our mission is to transform a complex, off-putting process into an easy, fun way for bank customers to reclaim tax while enhancing their travel experience," says Shawn Du.
Championing Environmental Sustainability and Customer Satisfaction
Revenir's innovative approach doesn't stop at convenience; it also champions environmental sustainability by reducing paper waste. With over 11 billion paper receipts issued annually in the UK alone, Revenir's digital receipt ecosystem is a step towards a greener future.
The beauty of Revenir lies in its seamless integration with existing banking platforms, offering banks the opportunity to enhance customer satisfaction and loyalty. As Director Shawn Du highlights, "The amounts can be small or large, but we believe almost everyone will use it in the coming years."
A Summer of Savings Ahead?
UK travelers have every reason to rejoice as Revenir paves the way for effortless tax refunds on their international shopping escapades. So, with summer fast approaching, their services will be of value to UK travellers. For instance, if you have secured tickets for the Paris Olympics (where tourists are expected to splurge billions), Revenir can make the VAT reclaims process smoother than ever on your return.
The Technational is always looking to highlight entrepenuers using technology to empower others, simplify processes and drive positive change. With their sights set on global expansion and continued innovation, Revenir is poised to redefine the future of VAT reclaims, one tap at a time. Find out more here.
