Fintech firm Revenir AI pioneers hassle-free mobile VAT reclaim for travellers

Fintech firm Revenir AI pioneers hassle-free mobile VAT reclaim for travellers

It's raised £2.5m to date

UK travellers will soon be able to claim back VAT on purchases made abroad automatically using their phones, thanks to a technology developed using AI. 

The UK fintech company Revenir AI has pioneered a technology that is able to automate the process of VAT reclaiming through partnerships with tax authorities and financial institutions. 

The Clerkenwell-based firm have developed a white-label app for banks so that they can automatically refund VAT to their retail customers via debit or credit cards, in an average 48 hours. 

Airport reclaims currently can take hours of queuing and can incur fees of 40-70% and digital processes take weeks and involve much paperwork and copies of receipts, with commission typically 35% or more.

Revenir explains that taxation is a fertile environment for innovation as reclaiming tax is an information-intensive process that depends on the decisions of several parties occurring in sequence, culminating in a single event – repayment. 

It analyses the different data involved in real time, using artificial intelligence and machine learning to make calculated decisions throughout the process.

The London firm has raised £2.5 million from shareholders, to date, to disrupt the £100 billion global tax reclaim market with its AI-driven technology. 

It plans to expand the platform, adding new destinations globally and in Europe and directors are currently in discussions with potential partners.

Shawn Du, founder and CEO of Revenir, said: “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.”

Miles Covers, CFO of Revenir, 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% of VAT is left unclaimed by UK travellers abroad.”