Revolut launches Revolut Junior to help kids learn financial skills
Fintech darling and banking disruptor Revolut is launching a new product designed with 7- to 17-year-olds in mind, but it is not a standalone service.
A Revolut Junior account can only be set up by a parent who already has a Revolut account, and it gives younger people the ability to use a digital app and a payment card which can be used online and in the real world. Parents are in control at all times, choosing where payments can be made.
- Revolut raises $500m in funding, valuing it at $5.5bn and making it the most valuable UK fintech startup
- Why secure data exchange is vital for the fintech industry [Q&A]
- Visa acquires fintech startup Plaid for $5.3 billion
Revolut Junior gives children and teenagers a reasonable degree of freedom, helping them to learn important financial lessons, but as parents have ultimate control over spending, there is no danger of getting into trouble. Parents can receive instant notifications when payments are made, making it possible to see not only how money is being spent, but where children are visiting.
For now, Revolut Junior is only available in the UK to Revolut Premium and Metal customers, but there are plans to expand availability in the future.
Revolut explains how existing customers can open a Junior account for their children:
- Open your Dashboard in the app and tap on 'Junior accounts'
- Fill out the information for the child or teen who will be using the account
- Order a Revolut Junior card for them
- Add money to their Revolut Junior card from your account
As well as including parental controls, Revolut has thought of other security considerations. The company says:
When it comes to money, no young person wants to be treated like a kid. Revolut Junior gives them the opportunity to handle their money like an adult.
That said, they're probably still going to show off their new Revolut card on social media, which is why we've taken the extra security precaution of putting their card number on the back, out of sight.
Over time, there are plans to bring more features to the service including budgeting, a weekly allowance option, recurring payments, and savings vaults.