Revolut for Children
Revolut is to launch an app aimed at improving the financial literacy of children this summer, the latest move in the fintech unicorn’s expansion plans.
Customers will be allowed 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. The app will be for children over seven years old with another version for teenagers around 16 years old.mParents will retain control over their children’s account, manage pocket money and view their transactions.
“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"
“The long-term goal is focused on allowing children to earn the trust to have more financial freedom. This means promoting financial literacy”.
That seems like a natural step for growth - increasing the target group. However, with children, it is a bit more tricky. We already have a lot of banks who offers accounts for teenagers, mostly from 13 years old and above (Revolut plans to target from 7 years), as well well established players like goHenry. The potential is definitely big and fingers crossed!
Basic info about Revolut:
Revolut was founded in 2015 by former Credit Suisse and Deutsche Bank investment bankers Nikolay Storonsky and Vlad Yatsenko. Revolut, valued at 1.7 billion dollars, was recently overtaken by German rival N26, which is now worth around 2.7 billion dollars. The company opens between 8,000 and 10,000 current accounts a day and processes more than four billion dollars a month. And the future looks bright, further fast growth is expected :)