Digital banking for tweens.
After taking on consumers and businesses Revolut is going after the last digital banking holdout, our children.
“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).
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.