Revolut has launched a whole new app for your kids

By Oliver Smith on Wednesday 18 March 2020

Digital Banking

Digital banking for tweens.

Revolut has launched a whole new app for your kids
Image source: Revolut Junior.

After taking on consumers and businesses Revolut is going after the last digital banking holdout, our children.

Revolut today launched an entirely new app, Revolut Junior, a money management app for 7-17 year olds.

Unlike the full Revolut app, Revolut Junior accounts can only be opened by a parent or guardian who is an existing Revolut user and where funds can be monitored by that adult.

Launching a separate app is also a plan to bolster Revolut’s revenues, as the Revolut Junior service initially requires a Premium (£6.99/month) or Metal (£12.99/month) Revolut account.

“Conversations about money typically start at home and we believe these skills are gained little by little, through experience and with help of parents and guardians,” said Aurelien Guichard, product owner for Revolut Junior.

Revolut Junior ‘grows’ with kids until they are eligible for a standard 18+ account so that once they are independent, they have the financial skills and literacy to avoid potentially costly mistakes.”

The launch will put Revolut in direct competition with Osper and GoHenry, both of which offer pre-paid debit cards and banking apps for children (albeit at a cheaper £2.50 and £2.99 per child respectively).

Interestingly, as neither Monzo or Starling have ventured below 16-year-olds in their account opening process, Revolut now has a head start at attracting this more family-centric audience.

Revolut’s rollout is starting in the UK and the fintech says it will be launching in additional markets across Europe in the coming months.

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