Revenir AI Revolutionizes VAT Reclaims for UK Travelers with Automated Solution

UK fintech company Revenir AI is set to transform how UK travelers claim Value Added Tax (VAT) refunds on purchases made abroad with their innovative automated solution, as outlined in The Fintech Times.

The platform simplifies the typically complex and time-consuming VAT reclaim process by partnering with tax authorities and financial institutions. Through a white-label app offered to banks, Revenir facilitates direct refunds to customers’ debit or credit cards, processing claims in as little as 48 hours.

CEO Shawn Du, inspired by his own frustrating experience waiting in long queues at Heathrow Airport to reclaim VAT after a family vacation, conceived the idea. Refining the concept during his MBA studies, Du joined forces with co-founder Miles Covers, whom he met at Imperial College London. Both shared a vision for creating forward-thinking solutions for global markets, leading to the founding of Revenir.

Du emphasizes the transformative power of AI in simplifying a previously daunting process, making it easy and enjoyable for bank customers to claim back taxes while enhancing their travel experiences. He predicts widespread adoption of the platform in the coming years, noting that many travelers are unaware of their eligibility to reclaim VAT or find the process too cumbersome.

CFO Miles Covers highlights that approximately 80% of VAT on shopping in Europe goes unclaimed by UK travelers, either due to lack of awareness or the perceived hassle. Revenir’s app for banks offers a swift and hassle-free alternative, ensuring refunds are processed efficiently, typically within 48 hours. In contrast, traditional methods such as airport reclaims often involve long queues and fees ranging from 40 to 70%.

Supported by £2.5 million in investments, Revenir plans to expand its platform to include new destinations worldwide, with a focus on Europe. Their goal is to continue enhancing efficiency and reducing paper consumption for tourists, revolutionizing the VAT reclaim process for UK travelers abroad.