Revolut to launch mobile bank app for children to improve their ‘financial literacy’
Revolut’s alternative banking services already appeals to more than 200,000 Irish users – but now the fintech is looking to expand its target market.
The London-based fintech’s latest move allows its existing customers to add their children to their account as a secondary user.
Through the Revolut Youth app, children can choose their own card and start using the company’s current account and money management platform.
Revolut, which helps customers manage their finances through a mobile app, has grown rapidly since it launched four years ago.
It allows its 3.8 million customers to transfer money abroad with the real exchange rate, and has since expanded its offering into business accounts.
Last month, it took the first step to bringing its full current account service here after securing a European banking licence in Lithuania.
The company said the Youth app, which is set to launch later this year, is aimed at improving the financial literacy of children.
“We believe that taking control over your finances is a lifetime of work, and starting to learn about financial literacy and how to manage your money is vital from a young age,” said a company spokesperson.
“The long-term goal is focused on allowing children to earn the trust to have more financial freedom. This means promoting financial literacy”.
Initially, the app will be for children over seven years old, with another version for teenagers around 16 years old.
Parents retain control over their children’s account, manage pocket money and view their transactions.
In December, Revolut secured licences to launch its digital banking offering in Singapore and Japan, as it announced plans to also expand in the US, Canada, Australia and New Zealand.
Launched in 2015, Revolut’s initial draw for customers was the ability to spend and transfer money abroad with the real exchange rate.
Since then, additional features include the ability to buy and sell exposure to cryptocurrencies and a savings function ‘Vaults’.
Revolut has so far raised $336m from investors including DST Global, Index Ventures, Balderton Capital and Draper Esprit.
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