British travel company Thomas Cook has partnered with fintech firm Revolut to launch a "pay-per-day" travel insurance service which automatically provides users with medical cover by tracking their location through their mobile phones.
"We wanted to create a type of insurance that uses technology to help our customers and only cover you on the days you actually needed to be covered," Revolut CEO Nikolay Storonsky said in a statement. Revolut was founded in July 2015 and has grown quickly, with 1.2 million users globally and around 600,000 in Britain. It allows customers to exchange currencies at rates used by banks and pay by card in different countries without international fees. In December, it also launched cryptocurrency trading.