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Challenger charity: Revolut plans donations-based microsaving

A few days after the official launch of Vaults, Revolut is already making its way towards new developments.

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Digital banking challenger Revolut, which broke even earlier this year and now serves over 1.7m registered users, has added a new string to its bow for its latest feature. Savings tool Vaults, which allows users to round-up payments and save the spare change into a ringfenced saver within their Revolut account, may soon include the option to donate those savings to charitable causes.

The update would enable users to automatically re-direct a portion of their rounded-up savings each month towards a number of charities selected by Revolut, alongside the ability to also make recurring payments or one-off contributions.

Speaking to AltFi last week, Revolut’s head of brand and marketing Chad West revealed that the banking app has been in the process of assessing the most appropriate partners for the feature, but that it would also be opening up the decision to its online user community.

Revolut’s users can currently save their spare change in any of the banking app’s 25 supported base currencies, including the cryptoassets Bitcoin, Litecoin and Ethereum. A week before its debut, over 30,000 of its users requested early access to the feature in under 48 hours, saving more than £150k in the process.

“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 in a statement on Tuesday. “We’ve had thousands of people in our community asking for this feature, so we wanted to give something back.”

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Chad West

Director of Marketing & Communications

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