Tag: revolut

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 Business backs Irish businesses with new Point of Sale (POS) platform

Revolut POS, a Point of Sale iPad app, is now out of beta testing and is packed with clever tools and an easy-to-use interface that rivals the rest.

Aimed at every business from small boutiques to large restaurant chains, Revolut’s POS app streamlines operations, enhances customer experiences, and drives growth like never before.

Revolut is helping small businesses move beyond the cash register, needing only their iPad to take customer orders and payments — going a step further than Revolut Reader, which launched in 2022.

Jesus Romo, General Manager of In-Person Payments at Revolut, said: “Revolut values the trust from all our Irish account holders and we are actively working to simplify their financial needs. For businesses having to deal with multiple vendors on payments and POS software, we have created Revolut POS. Simple, and everything under the Revolut Business umbrella.”

For additional information about Revolut Business’ latest offering, read more below:

Revolut acquired London-headquartered point-of-sale software provider Nobly in 2021.  It has on boarded hundreds of thousands of monthly active businesses since.

Revolut launches Flexible Accounts

Revolut, the global fintech with over 35 million customers worldwide, is launching a new alternative to the traditional savings product in Ireland: Flexible Accounts is a smart way for customers to get the most out of their money in times of increasing cost of living. The new Revolut product offers existing and new customers full flexibility, with variable rates of return from 3.50% to 3.95%1 on EUR, the ability to top up and withdraw funds anytime (subject to T&Cs) with smart features including spare change round-ups and recurring transfers, to help them reach their money goals even faster.

When adding money to a Flexible Account, customers are investing in Money Market Funds — offering rates in line with money market rates meaning that, when central bank interest rates are high, Money Market Funds typically offer higher return rates than traditional savings accounts. Customer investments are insured by the Liabilities to Investors Insurance Scheme up to €22,000 (investment risks are excluded from the coverage)2.

Customers will be able to move the money they want to invest into a ‘Flexible Account’ and earn returns overnight. Customers can invest money into their Flexible Accounts selecting between three currencies – EUR, GBP and USD – and hold multiple Flexible Accounts at the same time. The rates of return vary depending on the currency and the subscription plan of the customer. For example, Ultra customers will get up to 3.95% APY for EUR investments, 5.25% APY for GBP and 5.45% APY for USD1. Annual returns are paid daily and customers have the ability to top up and withdraw funds at any time (T&Cs apply).

Albert Codorniu, Head of Savings: “Stretching your savings and making your money go further has never been more important. We’re delighted to offer a product that will help people get the most out of their money. Our Irish customers now have a flexible way to invest their savings in EUR, USD, and GBP, with the convenience of accessing their money whenever needed.

To open a Flexible Account, customers will need to:

Tap on “Savings” in the Revolut app

Tap on “Get started”

Select and confirm currency of the Flexible Account

Accept T&C and sign up for Flexible Accounts by onboarding to Revolut Securities Europe UAB

Decide how much money you want to invest

Revolut teams up with RTÉ’s Toy Show Appeal for the third year in a row

Revolut, the global financial app with more than 2.5 million customers in Ireland, has teamed up with RTÉ’s Toy Show Appeal for the third year to enable viewers to donate instantly from their Revolut app. Last year, through the goodwill of the people in Ireland, the appeal raised €4 million for The Community Foundation Ireland, helping children and family members across the island.

In 2022, The Late Late Toy Show was RTÉ’s most-watched TV programme, with 1.6 million viewers. It was viewed in 139 countries around the world – including  Bolivia, Jamaica, Qatar, and Ukraine.

The partnership with Revolut began in 2021 when the extraordinary generosity of people in Ireland rushing to support the appeal led to technical difficulties with the Revolut app. After fixing them, Revolut co-founder Vlad Yatsenko announced he had made a €100,000 personal donation to the appeal: and he pledged to personally match any further donations made over the weekend via the Revolut app – up to €1m. Led by appeals from stars including Olympic champion Kellie Harrington, the Irish public donated a further €750,000: Vlad then gave the full €1m, taking the overall total raised via Revolut to €3.3m.

However, Revolut successfully fortified its Donations system last year, and encouraged the people of Ireland to continue their generosity to support the incredible work by Community Foundation Ireland, helping children who need it.

On Friday 24th November 2023, The Late Late Toy Show is back. This year, as Revolut has teamed up with the appeal again to welcome proceeds through Donations in the Revolut app which will go live on the night.

Vlad Yatsenko, Revolut co-founder, said, “We’re deeply honoured to once again support Ireland’s single biggest fundraising event for children: RTÉ’s Toy Show Appeal. More than 2.5 million people in Ireland now have a Revolut account, so we’re delighted to enable customers to donate to the appeal instantly from their Revolut app.”

“At Revolut, we have seen first-hand the power of digital donations as they have become an increasingly important tool for charities to raise funds and support their causes. As with all our charity appeals, we guarantee that every cent donated will go to the charity – with no fees or charges.”

Ready to donate? Here’s how:
 Make sure you’ve got the latest version of the app (Revolut 10)
 Search ‘Donations’
 Find the RTÉ Toy Show Appeal
 Choose how much you want to give and tap ‘Donate’
 Spread the word on social media for maximum impact!

Sale shoppers urged to walk, not run, this sale season amidst Black Friday scams

Revolut, the global financial app with over 2.5 million customers in Ireland, warns that euphoria and urgency experienced by shoppers seeking to score a deal may come at a cost.

David Eborne, Head of Financial Crime at Revolut shares types of scams shoppers should be weary of:

  • Fake websites: Scammers use the latest and greatest tech to set up fake retailer websites so that they look exactly like genuine online retail stores. Some of the fake stores will send you the product you purchased but their real goal was to obtain your personal and card data.
  • Selling fake goods: Some sites sell luxury items like popular jewellery or clothing brands, or electronics at very low prices. Sometimes shoppers will receive the item they paid for but they will be fake or other times they will receive nothing at all.
  • Temporary fake sites: A newer version of online shopping scams involves the use of social media platforms to set up fake online stores. The stores open for a short time and then disappear after some sales are made.
  • Social media advertising: Scammers use social media to advertise their fake website. Often they use “Swipe up” features and put a time pressure against it to create a sense of urgency.

The Safest Way to Shop Online
For many customers, a fear when shopping online is to have their card details stolen. However, David says this risk can be mitigated by using Revolut’s single-use virtual disposable cards. The cards provide users with a temporary, randomly generated card number, CVV, and expiration date to be used for a single transaction. Once the transaction is completed, the virtual card is automatically deleted, reducing the risk of unauthorised transactions, and safeguarding personal and financial information. David also advises that if a purchase is not received or was misrepresented by the seller, then customers should raise a dispute via the Revolut app.

Last year, over Black Friday and Cyber Monday, Revolut customers in Ireland spent €1.5m on more than 30,000 virtual disposable cards – a year on year increase of 136% as compared to the same timeframe in 2021.

Across the industry, fraudsters stole €84.6m through frauds and scams in 2022, an increase of 8.8% on 2021. The data from BPFI also reported a 19% decrease in authorised push payments (APP fraud) transactions in 2022 compared to 2021*. David encourages even more customers to use virtual disposable cards to help with security when shopping online.

David Eborne, Head of Fraud Operations at Revolut, says: “Black Friday shoppers are regularly left deflated and out of pocket after being duped by online scammers, particularly when under time pressure to buy an item.

“At Revolut, our top priority is to help avoid online fraud to keep you and your money safe. Protected by a 2,500-strong, 24/7 fraud prevention team, in 2022 we prevented our customers from falling victim to more than €220M in potential fraud. Our sophisticated fraud detection systems constantly monitor for high risk transactions to keep you safe while you continue saving, sending and spending with ease.”

Revolut hiring for new roles to drive the development of mortgages

Revolut, the global financial super app with 30 million customers worldwide, announces a significant expansion of its team as it gears up to develop innovative mortgage products. With a vision to revolutionise mortgages and provide customers with seamless digital solutions, Revolut is looking to hire employees across the world to bring the innovative app to the home financing space.

The career roles, being rolled out on the Revolut Careers page, include Mortgage Product Managers, Mortgage Credit Managers, Business Compliance Managers, Software Engineers, Technical Product Managers, and more. The new roles continue Revolut’s mission to create a community of forward-thinking people that are personally and professionally invested in building the global super app’s mortgage offering.

The new teams will bring together experienced talent and inspirational new voices to build a collaborative space to learn and grow. The expansion of the team will ensure Revolut has the expertise and capabilities required to create industry-leading mortgage offerings that meet the evolving needs of its customer base. Mortgages will join Revolut’s existing suite of credit products including Loans, Credit Cards, and Pay Later.

Overall, Revolut is looking for candidates with hands-on experience building products and features for mortgages, strong experience in making data driven decisions, and people who can deliver excellent results that exceed requirements.

Some of the roles are specifically for candidates living and with the right to work in Ireland. Examples include a Mortgage Product Manager and a Mortgage Credit Manager. The Mortgage Product Manager role will set the vision for Revolut Mortgage products and  understand how it connects to Revolut’s goals. The successful candidate will help to build a Mortgage credit product with world class customer experiences and understand the full mortgage credit life cycle of a customer.

The Mortgage Credit Manager role will be responsible for designing the credit risk policies, procedures and strategies for launching Revolut’s retail lending Mortgage product in Ireland. The successful candidate will have a good business intuition on risk adjusted return requirements, and use data to manage and adjust the portfolio returns.

Joe Heneghan, Partner & CEO of Revolut Europe, said, “We’re focused on enhancing our offering to provide our customers with frictionless, accessible products and services. As a next step in our journey we’re exploring the option of adding mortgages to our global financial super app, joining our suite of credit products including Loans, Credit Cards, and Pay Later. We’re looking for talented people to join our team of more than 6,000 employees around the world.”

For those interested in joining Revolut’s talented team and shaping the future of mortgage products, please visit Revolut Careers for more information on available roles and how to apply.

Revolut launches in-app educational course to empower Irish customers to combat fraud

Revolut, the global financial super app with more than 2.3 million customers in Ireland, has today announced the launch of a new free in-app course designed to teach people about scams, and empower them with tools and techniques to help keep their money safe.

Rising risk of fraud

  • Recent research by telecoms regulator ComReg, indicates that in 2022 alone in Ireland there were:
  • Approximately 365,000 cases of fraud as result of scam calls and texts, (or 1,000 cases a day)
  • Up to 89 million annoying/irritating communications and 31 million distressing communications
  • Over 5,000 businesses that were the victim of fraud after receiving scam calls and texts 3

Overall, ComReg estimated that the total quantifiable harm to Ireland’s society arising from nuisance communications is conservatively estimated at over €300 million per annum.

Now, new research commissioned by Revout and undertaken by Dynata has revealed that 64% of consumers have noticed a rise in online fraud and scams in the past 12 months, with 46% admitting to personally experiencing fraud, and 47% knowing someone else who has in the past year.

The Dynata study of 1,000 Irish adults also showed that when asked about the channels or environment where they felt most vulnerable, people in Ireland pointed out mainly fraudulent SMS (65%), phone calls (61%), online shopping (46%) and fake adverts on social media sites (39%). On the other hand, dating apps and websites were only pointed out as the main source of concern for 4% of the respondents.

Consumers need more education to combat scams

Despite the ubiquity of fraud, consumers indicated that more education would help them  prevent and protect themselves from scams and fraud.

According to Revolut’s Dynata research, 1 in 10 respondents said they did not know of the methods individuals can use to protect themselves against scams.

6% said they would not be able to spot a scam generally, while 67% said they were only somewhat confident they would be able to detect a fraud. Only 28% – less than a third – said they were extremely confident that they could spot a scam.

Also, 12% said they could not spot a fake ad on social media, with 65% saying they were somewhat confident they could do so. Only 24% – less than a quarter – said they were extremely confident that they would be able to do so.

Revolut’s research also showed that 14% of people say they would not know what to do if they fell victim to a scam, with a further 61% saying they would need to take time to research what to do. Only a quarter – 25% – said they knew the immediate steps they should take if they fall victim to a scam.

Respondents also said that the entities which should be held most accountable for scams were “social media companies who do not have the right systems in place to prevent fraud and scams from occurring on their platforms” (59%) and “telephone companies for not stopping fake callers and spoofed telephone calls” (50%).

However 98% of respondents said they felt that the right education would help them feel more prepared to avoid or deal with scams.

On the basis of these findings, Revolut is taking a novel approach to raising its customers’ awareness of scams and helping defend themselves against fraudsters, with the launch of its new course.

The course will include five lessons: an introduction to fraud, purchase scams, investment scams, impersonation scams, and account takeover fraud, and has been developed by Revolut’s in-house fraud experts, and covers the most prevalent types of fraud.

Each lesson will include materials explaining the different types of fraud, how customers can protect themselves, and share examples of how these scams can take place, drawing on real-life examples. Customers can then test what they have learnt, completing the lesson.

The course is free, and can be accessed in the Revolut app* by heading to Home > Hub > Learn.

Aaron Elliott-Gross, Head of Fraud and Financial Crime at Revolut, said: “Through the launch of our new in-app course on fraud, we aim to use education to empower our customers to feel more aware, more in control and better armed for action to spot criminals when they come across them online, on social media or over the phone.”

Revolut invests heavily to protect customers, with more than a third of our workforce working in a financial crime related role. The bank analyses every one of the 500m transactions its customers make every month for signs of fraud, and when its fraud model detects a scam risk, it intervenes and warns the customer.”

Aaron went on to say: “Customers also play a vital role in protecting themselves from scams, and our new Fraud Learn course aims to help them spot a scam when they might be experiencing one. If you are unsure, and you see one of our warnings; heed them and don’t complete the transfer.”

Savvy Irish consumers prioritise spending where prices stay the same

The latest monthly consumer spending report by Revolut, the global financial super app, reveals that the average consumer in Ireland is spending 13.1% more, year on year.

However, Revolut data suggests that many people are prioritising shopping and activities where prices have stayed the same over the past year. Many products and services that haven’t seen average customer spend increase, or by very little, have seen the number of customers increase. Likewise, products and services that have seen average customer spending increase have seen the number of customers fall.

In travel, the average customer purchasing a cruise is spending 18.9% more, year on year, yet the number of customers buying cruises has only increased by 2.2%. In contrast, the number of consumers spending on air travel has increased by 23%, year on year, as the average customer is only spending 3% more. Furthermore, the average consumer is spending the same amount on passenger railways, suggesting that prices have stayed the same, year on year, yet the number of customers has increased by 70%.

Similarly, the average customer spend on buses stayed the same, but the number of customers increased by 6.3%, year on year, and the average customer spend on car rental dipped by 18.7%, but saw the number of customers increase by 65.4%.

Since the end of lockdown, Revolut data has consistently shown the trend of consumers prioritising their spending on activities and experiences. However, the latest Revolut data suggests that consumers in Ireland are being very savvy when it comes to this. The average consumer is spending 12% more on golf courses, suggesting that prices have increased, yet the number of customers has fallen by 7.4%, year on year.

However, average consumer spending on amusement parks, cinema tickets, spas, and gyms, has seen very little to no change, which suggests that stable prices could be part of the reason for the increase in number of customers by 13.4%, 75.5%, 28.3%, and 23.8%, year on year.

In shopping, the number of customers at sporting goods stores decreased by 12.1% as the average customer is spending 13.1% more, suggesting that prices have increased significantly. However, the average customer at a florist is paying the same amount, year on year, but florists have seen the number of customers increase by 9%, and average customer spending at antique shops is down by 5.1%, but they’ve seen the number of customers rocket up by 53.8%.

There is a clear outlier in the Revolut data. Despite an increase in prices, department stores could be having a revival. These stores often aim to make shopping more experiential, which, for the post-lockdown consumer, could explain why the number of customers has increased by 23.3%, year on year, even though the average customer is spending 10.2% more.

ABOUT REVOLUT’S DATA

With millions of customers, Revolut is able to provide ultra-fast, high-frequency anonymised and aggregated data on general consumer spending patterns. Revolut’s data is used by Governments in multiple jurisdictions for analysis and forecasting. In Ireland, Revolut data has been used in a variety of Department of Finance bulletins and was quoted in Budget 2021 forecasts. Revolut has over 2m customers in Ireland, where half of adults with a smartphone use Revolut.

Revolut spending data is set out in the tables below, and is adjusted for the growth in Revolut’s users.

Revolut launches marketplace with over 300,000 tours, activities, and attractions as it supercharges trips around the world

Revolut, the global financial super app with more than 30 million customers worldwide, has launched ‘Experiences’ – an in-app marketplace for tours, activities, and attractions, giving users the opportunity to book their travel experiences directly in the Revolut app and receive up to 10% cashback (T&Cs apply), great rates and no booking fees charged by us. So you’ve got more money for when you’re away.

Available to Revolut customers in the UK and Europe, Experiences is the latest addition to the super app’s suite of travel products. Whether you want to view the Parisian skyline from the Eiffel Tower, traverse the rocky Agafay Desert on camelback, or take a relaxing dip in Budapest’s Széchenyi Thermal Baths, there are over 300,000 Experiences to choose from.

To start booking, existing customers can go to ‘Hub’ and click on ‘Experiences’ in the Revolut app. New customers can first download the Revolut app on their smartphones on Google Play or Apple Store and sign up to immediately access Revolut Experiences.

Customers can search locations, attractions, and experiences using filters to find their perfect day out, and book a range of available times and dates. Customers pay for the Experiences using their Revolut account, and cashback is paid instantly post successful booking completion. Customers can earn 3% cashback on Standard and Plus plans, 5% cashback on Premium, 10% on Metal and Ultra plans.

Revolut’s suite of features is the ultimate travel companion, as customers can book accommodation through Stays, split bills for group trips, exchange foreign currency in 30+ currencies, and travel insurance is included depending on the Revolut plan.

This time last year, the majority of countries in Europe had recently removed Covid travel restrictions, leading to a rise in travel. However, this year, Revolut data reveals that the interest in holidays is still rising, as the number of people in Ireland spending on tourist attractions is up by 20% year on year (June 2023 compared to June 2022).

Christopher Guttridge, General Manager of Lifestyle Products at Revolut, said: “We know that new experiences are the best part of holidays. Therefore, we’re excited to now offer our UK and EEA customers access to the world’s largest marketplace for tours, activities, and attractions with the launch of Revolut Experiences.

“Experiences joins our suite of travel products, as we continue to deliver ongoing innovations aimed at meeting our customers’ travel needs to supercharge their trips –  including holiday home rentals, hotels, travel insurance, and currency exchange. As the global financial super app, we continue to revolutionise travel, helping our customers experience the world seamlessly.”

The expansion of Revolut’s suite of travel products comes as it recently launched its new ultimate membership plan, Ultra, which offers ‘Cancellation for Any Reason’ insurance. Ultra members will be refunded up to £5,000/€5,000 per year for flights, trains, accommodation or events (Insurance T&Cs apply).