Tag: 18

Revolut surpasses 2M young customers worldwide on <18 app; bolsters product in bid to put financial power into hands of teens

Revolut, the licensed European bank with more than 40 million customers around the world, has today announced that its <18 app for 6-17 year olds now has more than 2 million young customers worldwide — jumping to a total of 3.5 million worldwide when including guardians. In the last year in Ireland, total customers of the Revolut <18 app — including kids and their guardians — have increased by nearly 35%.

A version of Revolut built especially for Gen-Z and beyond, the <18 app helps young people manage their money in ways that work for them — while providing the right controls to give parents and guardians peace of mind. In line with its growth, Revolut is supercharging its <18 app with a new look and features. These include Analytics to boost financial literacy through budgeting and spending analysis, and Wallpapers to help <18s to help teens express themselves.

The company is also making features like Pockets to set aside money towards specific goals and Spare Change round-ups available to all <18 app users for free for the first time. In Ireland, some of the top 20 goals for young people already using Pockets through a parent or guardian’s paid plan include:

  • Clothes, specifically from fast fashion site SHEIN;
  • Gadgets, such as mobile phones, PCs, and PlayStation 5s — or even cars;
  • And summer holidays — with London the most sought-after destination.

The addition of this new functionality for all will supercharge young people’s ability to put money aside for the things that matter to them — from the latest tech to events with friends. 

Carlos Spada, Head of Product, Revolut <18 commented: “Our <18 app is built for teens and our goal is to be the ultimate financial companion, growing with young people and their financial needs. The features we’re announcing today will empower young people to take the lead on their finances and practise healthy money habits, all with fun opportunities for personalisation and the right level of parental oversight.

“We’re excited to see more and more young people choosing Revolut as the place to build towards financial independence.”

Revolut’s <18 app is also available in more than 20 markets including the UK, EEA, Australia, Singapore and the US. In Ireland, Revolut has seen an increase in average daily <18 wallet balances — up from €38.92 in March 2023 to €42.34 in March 2024, while average monthly <18 spending has decreased — down from €150.18 in March 2023 to €124.79 in March 2024. Alongside that, Irish kids received an average allowance of €9.71 in March 2024 — down from €10.41 last year.

To help young people grow healthy money habits, parents can try:

  1. Finding everyday moments to talk about financial concepts. From budgeting at the supermarket to comparison shopping for a particular purchase, parents can help their kids understand the real-life value of money. 
  2. Giving kids a regular allowance or pay day. By providing regularity, parents can encourage kids to practise money management basics. 
  3. Getting granular on spending habits. Helping kids make use of spending alerts and analytics to stick to their budget, avoid overspending and think about where they might do things differently next time. 
  4. Helping kids put money aside to reach their goals. Whether your kid is after the latest video game or they’re planning ahead for university, help them set goals and stick to them. 
  5. Remembering financial literacy is lifelong. Stick with them and be consistent while they’re learning. Ensure money chats are positive and encourage questions. 

Revolut launches Revolut <18 - a rebrand of its service for 6-17 year olds

Revolut, the global financial super app with more than 20 million customers worldwide, has rebranded its service for 6 – 17 year olds. ‘Revolut <18’ is an account for young people which is connected to their parent/guardian’s Revolut account, helping young people feel positive and empowered about money, giving them a financial head-start in life.

Previously named ‘Revolut Junior’, Revolut <18 will now offer its young customers the chance to unleash their creativity by personalising their own spending card by adding a drawing, text and even emojis, making it as unique as they are.

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 budget and build healthy money habits, as well as setting savings goals. Additionally, an instant notification is sent to the parent or guardian’s phone when the <18 card is used.

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. For those Friday evenings at the youth club, a brand 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.

Tara Massoudi, Revolut General Manager of Premium Products, said, “We’re delighted to introduce Revolut <18 to new and existing customers. The new Revolut <18 yellow design is energised, positive and fresh, appealing to a variety of under 18s. 

“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.”

With over 1.6 million customers globally, Revolut Junior had over 400,000 customers in Ireland alone, 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. 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 16 in IE) then a parent will need to create an account for them from their own Revolut app