Revolut has launched a banking app aimed at children of its premium users in the UK, with expansion into other markets planned for later this year.
Today (18 March), Revolut announced the launch of Revolut Junior, a new money management platform aimed at children aged seven to 17 years old.
It will initially only be available to the company’s premium and metal users in the UK. The company said that it will expand into other markets in the coming months.
The London-based fintech company, which has more than 10m customers in the UK and Europe, said that Revolut Junior was launched to promote “good money habits at an early age” within safe parameters where users can be guided by a responsible adult in their lives.
Revolut Junior accounts can only be set up by a parent or legal guardian who has an existing account on Revolut. The fintech business said that Revolut Junior aims to offer the tools and experience to equip young people with financial skills they will need by the time they become financially independent.
What the app can do
With the app, younger users will receive their own debit card and can check their balance and get transaction alerts. Parents or guardians will be able to manage and monitor their kids’ spending through a newly designed section in the existing Revolut app.
The company said that the new features can be used to manage a child’s allowances, while creating a “one-stop money management solution for the entire family”, which enables users to transfer money directly to their children’s accounts and access their balance and transactions.
Parents can also get notifications to alert them of their child’s spending. The product includes security settings that enable the parent to control card and transaction functions such as online payments.
Revolut said that it has plans to add more features throughout the year, including the ability to set a regular allowance, financial tasks and goals, savings options, spending reports, spending limits and eventually financial guidance for kids to help develop their financial skills.
Encouraging financial literacy
Aurélien Guichard, product owner for Revolut Junior, said: “Helping kids develop financial skills is what is driving us. 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.
“Revolut Junior ‘grows’ with kids until they are eligible for a standard 18+ account, so that once they are independent, they have the financial skills and literacy to avoid potentially costly mistakes.”
Jill Docherty, executive director of business development at Visa UK and Ireland, added: ”It is important to teach children good financial habits from an early age including how to pay, save and spend wisely. Visa is proud to support Revolut with the launch of Revolut Junior, working together to create products that help the younger generation learn about money management.”