Revolut, the U.K.-based neobank with more than 20 million customers worldwide, has rebranded its service for 6- to 17-year-olds, which will now be known as Revolut <18.
Previously known as Revolut Junior, Revolut <18 is an account for young people which is connected to their parent or guardian’s Revolut account, helping financially empower young people.
Using end-to-end security and in-app card controls, young Revolut customers can safely track their activity in-app and get instant spending alerts to stick to a budget and develop financial responsibility. Additionally, an instant notification is sent to the parent or guardian’s phone when the <18 card is used.
As Copper Banking Co-Founder and CEO Eddie Behringer told PYMNTS’ Karen Webster, today’s young people are more interested than ever in learning how to manage their money and improve their financial literacy.
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. A new feature will let young customers tell their friends to “Revolut me!” to send and receive money for free to other users on Revolut <18.
In a press release announcing the rebranding, Tara Massoudi, Revolut general manager of premium products, said, “We’re delighted to introduce Revolut <18 to new and existing customers […], we listened to feedback from our customers who said they wanted our under 18s product to be customizable 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.”
With over 1.6 million customers globally, Revolut Junior had over 10,000 customers in the U.S., all of whom are now Revolut <18 customers.
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.
Additionally, teens can sign up for themselves to create a parent account, with parental approval. If the teen is under the age of data consent (below 13 in the U.S.) then a parent will need to create an account for them from their own Revolut app.
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