After hitting a major customer milestone in Ireland, Revolut is now set to launch its bank account for kids.
Fintech firm Revolut has said that it now has 1m account holders in Ireland, not long after it reached the same milestone in Poland.
In 2019, Revolut saw its number of daily active customers increase by 380pc globally. In February, the company announced it had secured $500m in funding, bringing its total valuation to $5.5bn.
Revolut now also plans to launch its Revolut Junior product in Ireland, which first appeared in the UK in March. Available to customers who have Premium or Metal accounts, the product is a specially created money management app for parents and kids aged between seven and 17.
The fintech said it aims to promote good money habits at an early age within safe parameters, guided by an adult. A child’s account can only be created by an adult, but the child will receive a Revolut Junior card.
Using their own existing Revolut account, parents will be able to manage their kids’ allowances and get notifications to alert them of spending. The product includes security settings that allow the parent or guardian to control card and transaction functions, such as online payments.
In the future, Revolut plans to add the ability to set a regular allowance, financial tasks and goals, and eventually financial guidance for children.
Challenges of Covid-19
“Helping kids develop financial skills is what is driving us, so we’re proud to launch this product in Ireland and additional countries across Europe,” said Aurélien Guichard, product owner for Revolut Junior.
“Conversations about money typically start at home and we believe these skills are gained little by little, through experience and with help of parents and guardians.”
In February, Revolut revealed plans to hire between 40 and 50 new staff in Ireland this year. However, the effects of Covid-19 have put pressure on the neobank. According to Financial News, the company has had to offer redundancy to some staff.
In a statement to Financial News, a spokesperson for Revolut said: “Like every business, we have had to make cost savings, where possible, since the lockdown.
“We have made every effort to protect every job, with initiatives such as salary sacrifice, but despite these efforts [we] have now had to announce redundancy of around 60 roles across our 2,200 strong workforce globally. We are doing everything we can to support people in finding new roles where possible.”
Siliconrepublic.com reached out to Revolut to ask whether its hiring plans in Ireland are affected by Covid-19, but it declined to comment.
Updated 9.22am, 13 May 2020: This article was updated with a response from Revolut on its hiring plans in Ireland.