Fintech Firm Revenir AI Revolutionizes Mobile VAT Reclaim for Travellers

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.

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.