The platform collaborates with financial institutions and tax authorities to simplify the complex VAT reclaim procedure. Revenir facilitates direct refunds to clients' debit or credit cards by providing a white-label application for banks. Claims can be completed within 48 hours.

CEO Shawn Du came up with the concept while waiting in long lines at Heathrow Airport to get his VAT back after a family vacation, and he developed it further while pursuing an MBA. Du met co-founder Miles Covers while attending Imperial College London; the two had a similar aim for developing cutting-edge solutions for international markets.

Together, they established Revenir with the intention of increasing productivity and decreasing the amount of paper used by visitors.

Du says, "We've used AI to turn a difficult, off-putting process into a simple, enjoyable way for bank customers to claim back taxes while increasing the value of travel." We think that in the upcoming years, practically everyone will utilize it, regardless of how much they use.

Covers, the CFO, continued, saying that about 80% of VAT is not claimed by UK visitors who travel abroad because "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."

With Revenir's customizable software, banks may quickly repay VAT to their retail customers using their debit or credit cards—usually in less than 48 hours. On the other hand, airport reclaims frequently include long lines and charges that can reach up to 70%. Conventional digital procedures require weeks to complete, a great deal of paperwork and duplicates of receipts, and commissions that typically top 35 percent.

Revenir, a London-based company, has raised £2.5 million from investors to expand its platform and include new global destinations, including Europe.