Plutus, the Visa debit card offering 3-8% in crypto cashback, recently announced its plans to further expand into the US neobanking sector.
Plutus is a London-based Fintech providing crypto cashback rates and 20+ Perks “such as 100% back on Netflix, Spotify, and Prime.” Its user base has “experienced 20.4% Month-on-Month (MoM) growth due to the value customers get from its rewards program.”
Currently, Plutus is “available in the United Kingdom and European Economic Area (EEA).” In Q1 2023, Plutus will “launch its finance app and card in the United States (US), the largest crypto market in the world.”
Plutus has partnered with Prepaid Ventures (PPV), which claims to be one of the leading debit card solutions in the US, “to issue its Plutus-branded Visa debit cards to U.S. residents.”
Danial Daychopan, CEO & Co-founder, commented:
“This is a major milestone. Soon, a population of 330m will be able to earn substantial amounts of crypto simply for living their lives to the fullest! We know there is a huge demand for our services and we have full intentions to become a dominant player in the U.S. neo-banking sector.”
Plutus recently “experienced a huge surplus of card orders, issuing 6-months’ worth of card stock in less than 6 days and eventually running out of cards.”
Now, tens of thousands of users are reportedly “signed up to a waitlist whilst Plutus attempts to keep up with demand.”
Founded in 2015, Plutus claims it “disrupted the rewards card industry by creating the world’s first crypto rewards token, Pluton (PLU).”
Customers earn 3-8% crypto cashback “on all purchases and select up to 8 in-app Perks such as 100% back on Netflix, Spotify, and Prime – cashback comes in the form of PLU.”
An accompanying bank-like app “allows users to track their rewards and fiat balances.”
Plutus has “converted 17% of its customers to paid subscription tiers due to the value of its rewards program — significantly higher than the industry standard of 2-5%.”
