Banking app Revolut, which recently said it believes a cashless society is imminent, has launched a payments round-up tool with savings accounts.
Announced today, Revolut will be opening up its Vaults to all registered users: a savings tool which allows users to round up their purchases and save the spare change into a savings account, ringfenced within their existing Revolut account.
In a similar style to Monzo’s Coin Jar feature, which rounds-up payments into a savings Pot, one-off or regular payments can also be added to a Revolut Vault at any time, just like a savings account. Money can be withdrawn instantly, and users can save in any of the 25 supported currencies, including Bitcoin, Litecoin and Ether.
“Offering spare change savings and roundups to Revolut users has been one of our most popular feature requests,” said Revolut CEO and co-founder Nikolay Storonsky. “We’ve had thousands of people in our community asking for this feature, so we wanted to give something back and ask for their help in naming it.”
Revolut first revealed its intention to launch Vaults in late March, as it asked for help from its users to give the new tool a name. Just last week, the banking app saw over 30,000 of its users request early access to the feature in under 48 hours, saving more than £150k in little less than a week. As a result, Revolut had to close access to the feature until it was ready for a community-wide roll out.
Revolut now has over 1.7m registered users across Europe and the UK, and has processed 60m transactions with a total volume of $12bn to date. Rumours have been swirling that the banking app will soon see its valuation skyrocket from $200m to $1.4bn, almost five times its current amount, if its next fundraising round for $250m goes ahead.
Speaking to AltFi last week, Revolut’s head of brand and communications Chad West confirmed that its US launch is likely to be going ahead within the next three months.
As Revolut gears up for international expansion, co-founder Vlad Yatsenko said that he believes “a cashless society is imminent”, with the banking app predicting the UK to go fully cashless within the next ten year.