Revolut launches money management app for children
Revolut Junior is designed for kids aged between 7 and 17
British fintech Revolut has launched a “money management” product for children aged between 7 and 17, which can be monitored by parents via the app.
The online-only bank, which claims more than 10 million users worldwide, said it was launching Revolut Junior, a new app and service that integrates directly with the main Revolut app on the parent’s side.
The account comes with its own bank card for the child to use.
Initially, Revolut Junior will only be available to children of customers with UK Premium and Metal accounts – those who pay for the two top-tier accounts offered by the company. It will then be expanded to the children of customers with free accounts and in other regions.
The junior account allows parents to receive notifications when their child spends money, and includes security settings to enable control over how the card is used.
For example, parents will be able to access balances and transactions as well as disable some card features, such as online payments.
Revolut plans to add more features to Revolut Junior in the future. For instance, parents will be able to set a regular allowance and financial goals. Kids will get savings options, spending reports, spending limits and more.
UK based fintech and rival Monzo currently allows teenagers aged 16 or 17 to open bank accounts, but has no offering for younger children.
Revolut was founded in 2015 and has added features like cryptocurrency trading and savings products to its app over the years. However, Revolut’s losses doubled in 2018 to £32.8 million ($40.3m, €35m).