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Revolut launches financial app ‘Revolut <18’ aimed at children
Parents and guardians can set a regular ‘pay day’ for pocket money, but can also set challenges for their young person to complete in order to receive their earnings.
Revolut’s ambition to be the world’s fintech super app is targeting younger people with the launch of Revolut <18, aimed at 6 - 17-year olds
With more than 20 million customers worldwide, Revolut has rebranded its existing service for younger people as part of the new launch.
Previously named ‘Revolut Junior’, Revolut <18 has over 1.6 million customers globally and over 350,000 customers in Britain.
“The new Revolut <18 yellow design is energised, positive and fresh, appealing to a variety of under 18s,” said Tara Massoudi, Revolut General Manager of Premium Products.
“We listened to feedback from our customers who said they wanted our under 18s product to be customisable and to look and feel more personal to them. Therefore we wanted to create a more grown-up feel to the card and app as Revolut <18 is an account that can grow with you.”
“Revolut me!
A new feature will seek to turn the fintech giant’s brand into a verb with young customers able to tell their friends to “Revolut me!”.
Parents and guardians can set a regular ‘pay day’ for pocket money, but can also set challenges for their young person to complete in order to receive their earnings.
How does Revolut <18 work?
The account links to a parent/guardian’s Revolut account and allows personalised spending cards where kids can add drawings, text and emojis.
The Revolut <18 card is free, and a parent or guardian who is a Revolut personal account holder can create a <18 account for their child in their Revolut app. If the young person has a mobile device, they can download the Revolut <18 app by scanning a QR code displayed on the parent or guardian’s phone. However, the card will still work even if they don’t have a mobile. Parents/Guardians can create a maximum of five <18 accounts, depending on their Revolut plan.
Additionally, teens can sign up for themselves to create a parent account, with parent approval. If the teen is under the age of data consent (below 13 in the UK) then a parent will need to create an account for them from their own Revolut app
An instant notification is sent to the parent or guardian’s phone when the <18 card is used.
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