Tag: revolut

Revolut tops 25 million retail customers as global expansion continues

Revolut, the global financial super app, has surpassed 25 million retail customers worldwide, and is now processing over 330 million transactions a month. The company celebrates the milestone as it continues its global expansion into several new markets.

Launched in the UK in 2015, Revolut offers money transfer and exchange. Today, over 25 million of its retail customers around the world use dozens of innovative Revolut products including peer-to-peer payments, Saving Vaults, <18 accounts, Stays for holiday booking, and Trading.

Revolut has expanded its presence further in the US this year, where it has over half a million retail users and now employs over 150 people in North America. On top of that, Revolut is expanding into several new markets across LATAM, Asia and the Middle East. In the last year, Revolut has achieved the following:

  1. India – Appointment of Paroma Chatterjee as CEO, Arjun Mehta as CFO and Saleem Arshad as CTO. We have built a team of 400+ employees in India and intend to launch the Revolut app in India soon.

  2. Mexico – Appointment of Juan Miguel Guerra as CEO. Expanding our workforce in the country, with plans to employ more than 250 new positions by 2025 between Mexico and Brazil

  3. Brazil – Appointment of Glauber Mota as CEO of Brazil and Felipe Lachowski, Brazil Head of Strategy & Operations

  4. New Zealand – The company is set to launch in New Zealand in the next few months, to complement its existing operations in Australia

Revolut is also launching a streamlined version of its app, ‘Revolut Lite’ in several countries across Latin America, South East Asia and the Middle East in coming months. Lite users will be able to transfer money cross-border instantly and for free.

Customer growth is also accelerating for Revolut Business. More than 2,000 new active businesses are now joining Revolut Business every week, the fastest ever rate.

Launched in 2017, Revolut Business has developed more than 20 products designed to empower businesses looking to more effectively manage finances and has processed more than £110bn in transactions for its business customers to date.

Nikolay Storonsky, Chief Executive Officer, commented: “Revolut’s growth continues at pace. We have continued to build out our unique product offering across the globe, expanding into new markets with new customers. Topping 25 million customers in just over seven years is a fantastic achievement for the company. We can’t wait to bring our product to many more in the weeks and months ahead.”

 

André Silva, Head of International Expansion, commented: “Our mission is to unlock the power of a borderless economy, for everyone, by bringing the world’s first financial super app to all corners of the globe. This year we have made important steps in achieving this, building our teams on the ground in India, Mexico and Brazil.

 

We are planning our next exciting launch, New Zealand, a country we have been hoping to bring Revolut to for some time, and we look forward to announcing more in the near future.”

Revolut – Prices of essentials inflate, including fuel and food, consumers cut back on plants, toys, and bicycles

Consumers prioritise experiences over retail goods as cost of living rises, new card spend data from Revolut says.

The latest monthly consumer spending report by Revolut, the global financial super-app with more than 2 million customers in Ireland, shows that inflation is clearly adding to costs almost entirely across the board.

New data from Revolut shows that the average supermarket customer was spending 7% more compared to last year. The data also reveals that many are looking to cut costs down by shopping at discount stores, which saw an 8% increase in the number of customers, and where the average customer spent 9.5% more.

Similarly, Revolut’s data shows that the average petrol station customer spent 18% more on fuel as compared to last year. However, bus companies saw a 39% increase in customers and a 44% increase in customer spending, year on year.

Furthermore, discretionary spending was up. In travel, customers of cruise lines (+124%), airlines (+25%), and travel agencies (+24%) all increased their spending, year on year.

Spending on experiential activities and eating out also increased. The average consumer spent more at museums (+22%), amusement parks (+20%), aquariums (+13%), theatres (+5%), restaurants (+4%), even on dating apps (+36%).

However, spending at cinemas decreased 18%, and saw a 20% decrease in the number of customers. In contrast, spending on digital goods including streaming services was up 4%, year on year.

In retail, discretionary spending was also up. The average consumer spent more at clothing stores (+12%), cosmetics stores (+7%), department stores (+9%), and furniture stores (+15%).

However, it looks like many are cutting back on spending, including areas that are usually more popular at this time of year. Spending at sweet shops decreased by 10% and spending at toy shops decreased by 27%, and the number of customers shopping there decreased by 5%. Spending at bike shops decreased by 5%, and saw a 4% drop in the number of customers.

Florists saw a 9% decrease in customers, and a 10% decrease in customer spending. Similarly, spending at garden centres decreased by 6% and saw a 2% drop in customers.

A Revolut spokesperson said the latest October data appears to indicate that inflation is having a sharp impact on consumer priorities.

“As the prices of essentials inflate, including fuel and food, consumers are cutting back on discretionary spending including plants, toys, and even bicycles. Savvy consumers are swapping regular stores for discount shopping, and more people are choosing the bus, as compared to last year.”

“The periods of lockdown gave many consumers a new perspective on their priorities. The new priorities include travel, where spending on hotels and airlines continue to increase, and activities for days out, such as museums and theatres.”

“These new priorities suggest a continued desire to be around others and get out of the home. We’ve even seen a sharp rise in spending on dating apps, for those who are looking for company to see the latest museum exhibition.”

Revolut launches Revolut Chat, an instant messaging feature in step towards superapp

Revolut, the global financial superapp with more than 20 million customers worldwide, has launched an instant messaging feature, where Revolut customers in the UK and EEA can chat as well as share fun gifs and stickers whilst sending and requesting funds to and from other customers.

A recent UK and European survey of 8,000 people, commissioned by Revolut, found that two thirds of people (67.5%) find it difficult to discuss money. The new chat feature in the Revolut app aims to make talking about money less awkward by keeping it in one place.

To access this feature, customers simply have to enter the ‘Transfer’ section in Revolut app. The chat window will open right after tapping on one of the contacts. The chat will be embedded in the ‘Transfer’ feature – so there’s no need to open multiple windows.

Sending a message is easy – all a customer needs to do is start typing and tap on the blue arrow icon. Once a chat message is sent, a notification will pop-up on one of the contacts.

Designed with a focus on security, all chat messages have end-to-end encryption. Customers are able to opt out of the chat function should they not want to use it, and they can either enable or disable it completely in the ‘Security & Privacy’ section. Additionally, users can block other users. The chat function is not available for Revolut <18 users. The chat feature can only be used between users who both have UK or EEA accounts, and have their phone number or have payment history.

Nikolay Storonsky, CEO of Revolut, said: “We’re delighted to bring instant messaging to our customers, moving us one step closer to being a global financial superapp. We listened to our customers who said they wanted to be able to discuss and clarify payment details within the app, rather than having to swap between Revolut and different messaging apps to send or receive funds.

“The new chat feature supports our customers with their fast, low-cost money transfers using Revolut. We want to give our customers more control over their financial well-being through the use of our technology, offering a service that addresses all their financial needs in one place.”

Customers will need to have the 8.72 update or later for their Revolut app on iOS or Android.

Revolut challenger Atlantic Money launches in Ireland

New international money transfer provider, Atlantic Money, today announces its official launch in Ireland, continuing its expansion in Europe after Belgium and Germany. For the first time, consumers in Ireland can make international money transfers for a fixed fee of €3 at the current exchange rate for transfers up to €100,000. The low-cost transfers can be made via the Atlantic Money iOS App.

The firm, co-founded by Patrick Kavanagh and Neeraj Baid, early employees at trading giant Robinhood, drastically undercuts established providers, such as PayPal, Revolut and Wise. For example, someone sending €3,500 to GBP would see at least 75% savings, with larger transfers up to 99% cheaper. Despite the cost of sending money internationally being largely fixed per transaction, these providers have a variable pricing model meaning the more you send, the more you pay.

Atlantic Money is particularly cost-effective for people that regularly transfer large amounts abroad such as Ireland’s estimated 30,000 cross-border workers, its growing immigrant population and residents with overseas commitments such as tuition fees, holiday homes and credit cards.

Atlantic Money’s app is the most simple, slick and cost-effective way of moving money across borders. Users simply download the app, go through a one-minute verification process, and can immediately begin transferring money. They can select standard delivery or opt for express delivery for a small additional fee of 0.05% – a €1,000 express transfer costs just €3.05.

Customers can send money from Ireland in EUR into eight currencies including USD, GDP, AUD, CAD, SEK, NOK, DKK, and PLN, with new currency corridors and advanced product features being added continuously post-launch.

Patrick Kavanagh, co-founder of Atlantic Money, said:

“The first generation of cross-border payment fintechs did a great job initially, but their flexible pricing models penalise people that have to send significant amounts of money abroad regularly and they’ve lost focus in their quest to build the next superapp. We are disassembling this approach by being laser-focused on doing one thing better than anyone else – getting people’s money from one currency and country to another, as efficiently as possible. We are grateful to our current and new investors for their continued support and excited to provide consumers in Ireland with a best-in-class customer experience and unmatched cost savings.”

Neeraj Baid, co-founder of Atlantic Money, said:

“We are already seeing some fascinating use cases and delivering substantial cost savings for our customers. For example, one of our customers transferred €100,000 to GBP which arrived in minutes for the price of €3.05, a 99% saving compared to Wise or Revolut.”

Atlantic Money was founded in 2021 and has been operating in the UK since March 2022, where it is regulated by the Financial Conduct Authority (FCA). In June, the company received its official EU licence from the National Bank of Belgium (NBB), the first company to do so in a year, and will soon launch in other European countries besides Germany and Belgium.

Atlantic Money is backed by investors Amplo, Ribbit, Index Ventures, Kleiner Perkins, Elefund, 20VC, Day One Ventures and the founders of Robinhood, who invested a total of USD 7.5 million in the seed funding round.

Atlantic Money is currently available as an iOS app. Android will follow in the coming weeks.

Revolut launches a savvier way to shop with 3% cashback for customers in Ireland

Revolut, the global financial superapp with more than 20 million customers worldwide, and more than two million in Ireland, launches a savvier way to shop where customers earn cashback from their favourite retailers.

The new service, ‘Shops’, lets users search and browse products from more than one thousand leading brands. These include local favourites ranging from Smyths Toys and Woodies to Arnotts and Brown Thomas; international retailers like Ikea, Amazon, JD Sports, Harvey Norman and TK Maxx; and big brands’ online stores, including Nike, Adidas and a range of luxury fashion houses. The full list of more than 1,000 brands is available in the app.

Regardless of the Revolut plan a customer is on, Revolut Shops rewards users with 3% instant cashback for every purchase, as long as they start their shopping journey from the Revolut app and pay with their Revolut card in full.

Cashback is automatically applied at checkout, so customers will never miss the opportunity to save money again. Unlike other products which can take up to 90 days to give cashback to customers, Revolut Shops sends the cashback instantly. Whether it’s your Christmas shopping, a new fridge, trainers, or a birthday gift, customers can see hundreds of retailers they can shop with and get universal 3% cashback on all purchases with these retailers.

There are no restrictions on getting cashback from purchasing products in a sale, meaning Revolut Shops offers cashback on top of any other savings – including promo codes and sale discounts.

Christopher Guttridge, General Manager of Lifestyle Products at Revolut, said: “We’re delighted to add Shops to our superapp, giving over two million Revolut customers in Ireland the opportunity to get more of what they love.

We’re proud to offer instant cashback, unlike other providers which can take up to three months. As the cost of living rises, we are delivering ongoing product innovations aimed at meeting our customers’ everyday financial needs and aspirations, whilst giving them more financial control. Shops helps our customers get the most out of every penny with cashback rewards, or helps them spread the cost of purchases for more expensive periods of the year, such as the Christmas holidays.”

In Shops, users also have an option to split their payment using ‘Pay Later’, the first pay later product in Ireland that uses an approved credit limit, designed to focus on affordability. Pay Later is a way to purchase product(s) in which the customer takes possession of the merchandise on payment of a first instalment and completes the payment by paying two further instalments. Qualified customers can use Pay Later for purchases up to a maximum of €499, with any of their Revolut cards, including when paying with a Revolut Disposable Virtual Card, which provides an extra layer of security for online transactions.

Customers making a purchase on Revolut Shops using Pay Later can use the payment method, but will not get 3% cashback. If a customer would like to repay the instalments early, there are no additional fees to do so.

To start shopping, existing customers can open Shops 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 Shops.

Top autumn destinations revealed, as Irish holidaymakers get €100K in cashback from Revolut Stays

Today is World Tourism Day (27th September), Revolut, the global financial superapp with 2 million Irish customers, and 20 million globally, released its Revolut Stays Register for Autumn 2022, to reveal its top 10 most in demand destinations of the season.

The Register, based on Revolut Stay’s pre-booked trips, shows that while summer travel is coming to an end, the appetite for travel continues. Since its launch, Revolut Stays has given over €2M in cashback to its customers globally, of which its customers in Ireland have received over €100K in cashback, the equivalent of over 1000 free nights.

Revolut customers get up to 10% instant cashback, depending on the customer’s Revolut plan, on their accommodation booked with Stays – based on a customer’s average holiday spend, that’s an extra €50. Additionally, Revolut Stays offers exclusive rates, doesn’t charge booking fees, and customers can pay nothing until they get to the property. From hassle-free bill splitting to great exchange rates, Revolut Stays has everything holiday-goers need to supercharge their accomodation.

Christopher Guttridge, General Manager of Lifestyle Products at Revolut, said: “As summer comes to an end, it’s the perfect time of year to go for a weekend city break, or continue your summer with a week spent in autumn sun. This quarter’s Revolut Stays Register shows that  customers in Ireland are doing exactly that, with the bookings to Amsterdam, Barcelona, and Salou already stacking up for the next few months.

“With Stays, you can save more of your money to spend when it matters – when you’re actually on holiday. We’re delighted to have given over €2 million in cashback to our customers globally, since our launch in July last year – the equivalent of 13,000 free nights.”

The latest Revolut Stays Register reveals the top destinations of the upcoming season, top rated accommodation suggestions, and how you can spend that cashback on exciting experiences.

Revolut Stays Register, IE – Top Autumn 2022 destinations

Based on pre-booked trips

 

  1. London, England

    • Highly-rated hotel: Sea Containers London

    • What to do: London Cocktail Week, October 13th – The capital’s best bars are taking part, creating cocktails for October. It gives you the chance to do a cocktail crawl or just slope into top spots.

  2. Amsterdam, Netherlands

    • Highly-rated hotel: Hotel Estheréa

    • What to do: Amsterdam Music Festival, October 22nd – A fun electronic dance music event, with this year’s confirmed acts including Afrojack and Tiësto.

  3. Paris, France

    • Highly-rated hotel: Hôtel Francois 1er

    • What to do: Nuit Blanche, October 1st – The contemporary all-night art festival takes place across the city’s streets and monuments. You can engage with sculptures, projections, concerts and spectacular installations by national and international artists around the city.

  4. Barcelona, Spain

    • Highly-rated hotel: W Barcelona

    • What to do: Sitges Film Festival, October 6th – The festival specialises in fantasy and horror films, and airs a selection of the best ones and also awards prizes to actors, filmmakers, and films. Attendees make the most of the occasion by dressing up in their goriest costumes.

  5. New York, USA

    • Highly-rated hotel: Roxy Hotel New York

    • What to do: Macy’s Thanksgiving Day Parade, November 24th – Drawing thousands of spectators to New York City, the parade boasts balloons, floats, clowns, marching bands, cheerleaders, and even celebrities.

  6. Salou, Spain

    • Highly-rated hotel: PortAventura Hotel Gold River

    • What to do: PortAventura World, attracting around 3.5 million visitors per year, is the most visited theme park in Spain and the sixth most visited theme park in Europe.

  7. Berlin, Germany

    • Highly-rated hotel: 25hours Hotel Bikini Berlin

    • What to do: Festival of Lights, October 7th – Many landmarks, historical places, streets, squares, trendy neighbourhoods and interesting places of recent Berlin history will be spectacularly illuminated for ten days.

  8. Manchester, England

    • Highly-rated hotel: The Lowry Hotel

    • What to do: Manchester Science Festival, October 21st – From family-friendly games and tinkering to after-hours adult events, there’s something for everyone, including inspiring experiences and entertaining events.

  9. Glasgow, Scotland

    • Highly-rated hotel: Hotel du Vin & Bistro Glasgow

    • What to do: GlasGLOW, October 26th – The show is an ‘epic dinosaur adventure into The Land That Time Forgot.’

  10. Tias (Lanzarote), Spain

    • Highly-rated hotel: 5 Suites

    • What to do: Timanfaya National Park – A breath-taking stretch of volcanic land that covers a quarter of the island, was created over six years of near-continuous volcanic eruptions.

Revolut launches responsible Pay Later instalments product in Ireland

Revolut, the global financial superapp with more than 20 million customers worldwide, has launched its responsible pay later product, ‘Pay Later’ in Ireland, where 1.9m adults have a Revolut account.

The rollout of Pay Later commenced at the end of June 2022, with a select group of customers, and over 1,000 have already purchased products and services using the Revolut instalments product.

Revolut Pay Later is the first pay later product in Ireland that uses an approved credit limit, designed to focus on affordability. Revolut puts the customer in control of when they want to use Pay Later rather than being restricted to certain merchant partnerships.

Qualified customers can use Pay Later for purchases up to a maximum of €499, with any of their Revolut cards, including when paying with a Revolut Disposable Virtual Card, which provides an extra layer of security for online transactions.

The fee of 1.65% per purchase is repaid as part of the final two instalments. Fully integrated within the Revolut app, once approved, customers can activate Pay Later on-the-go with one tap in their Revolut app. Customers can view their Pay Later balance in the Cards section and in the Pay Later hub. If a customer would like to repay the instalments early, there are no additional fees to do so.

Whether it’s a new washing machine, hotel booking, or a birthday gift, customers can use Pay Later at any merchant that accepts Revolut online or in store. Unlike other pay later products, merchants do not sign up to Revolut Pay Later, and Revolut does not charge them for Pay Later transactions.

Data from the rollout of Revolut Pay Later shows that customers are using the service at a variety of retailers, with some of the most popular being clothing, sports, and electronics stores.

Martin Higgins (35) is a Revolut customer who was part of the rollout of Revolut Pay Later in Ireland. Working as a mechanical engineer and project manager, Martin is a keen shutterbug and takes a variety of photography, including adventure and outdoor, as a side pursuit. He used Revolut Pay Later in August to purchase new photography equipment at a local shop in Dublin.

Martin Higgins Photography

Martin said: “I wanted new flash equipment to support my photography, but I needed a specific brand to work with the rest of my specialised setup. My local store didn’t have what I needed at the time, but it was ordering the correct items in. Six months later, it was unexpected when the store finally had everything I needed, and it didn’t seem responsible to pay the full cost before my payday came around. 

“I had seen Revolut Pay Later recently become available to me. I decided to give it a go to purchase the flash equipment comfortably and pay the instalments over a couple of months. I’m delighted with the decision as I’m booked to photograph a wedding in the next couple of weeks.”

Revolut checks customer affordability by linking to customers’ existing bank accounts through Open Banking. Revolut will assess customer suitability and affordability for ‘Pay Later’ through an underwriting process. The current maximum credit limit is €499, but each customer will have their own bespoke limit as decided by Revolut’s credit assessment.

The new product also features built-in safeguards to check that users can afford their Pay Later limit. Unlike other pay later providers, Revolut is able to offer a more robust assessment as it approves the credit limit before the transaction rather than offering an instalments payment method at the point of sale.

Pay Later is another tool to help customers manage their spending all from one app. Revolut’s ‘Pay Later’ offering meets the growing consumer demand for this personal finance tool, while offering it in a responsible way, with a heavy emphasis on customer affordability and suitability. Pay Later joins the suite of innovative products Revolut will be delivering to solve for all of its customers’ credit needs.

Joe Heneghan, CEO Revolut Europe, commented: “We’re delighted to add Revolut ‘Pay Later’ to our financial superapp to give our customers more control and flexibility over their personal finances, in a responsible way, by enabling them to spread the cost of purchases over three instalments.

“From assisting budgeting, to managing cash flow, we’ve had great feedback and stories from our customers who have used Pay Later as part of the early rollout, and we look forward to hearing more.”

Revolut launches online checkout feature with one-click payment – Revolut Pay

Revolut, the global financial super app with over 20 million retail customers, today launched Revolut Pay – a new secure online checkout feature which allows EEA and UK merchants to present ‘Revolut Pay’ as a payment method across product, cart, and checkout pages.

Revolut Pay aims to disrupt the payments ecosystem by making shopping online even easier as it facilitates direct payments, while providing best-in-class security for Revolut users: payments will be validated via secure features such as Face ID, or fingerprint unlock, and no account number will be shared. This in turn will help to prevent fraud and keep users’ funds safe while shopping.

Revolut Pay is a fast, frictionless and secure method to checkout online or on mobile. Consumers can pay with just one click and earn cashback on purchases as they spend. Existing Revolut users can use Revolut Pay and pay via saved cards or directly via their Revolut account balance. Non-Revolut users can pay just as easily by using saved Mastercard or Visa cards issued by any other providers.

Revolut Pay will solve problems for vendors as well as shoppers: online merchants lose up to 80% of their sales due to customers abandoning their shopping carts. Shoppers often cite long and confusing online checkout processes and limited choice of payment methods as reasons for leaving a website before they purchase. Revolut Pay will reduce cart abandonment with its fast and frictionless checkout.

Revolut Pay merchants can accept payments with low fees in more than 20 currencies. Revolut Pay follows the launch in July of Revolut Reader, a card reader payment terminal, as well as the launch of Revolut’s payment acceptance platform in 2020 for businesses to accept payments easily.

Since launching Revolut Business in 2017, Revolut has developed 20 products designed to empower businesses looking to increase conversions and more effectively manage finances. Revolut Pay is already being used by merchants including Shopify, Prestashop, WH Smith and Funky Pigeon, and will become available on more vendors in coming months, including DID Electrical, and the flight booking company, FlyGo.

Revolut Pay is powered entirely by Revolut’s payment technology and is a move towards building Revolut’s payments ecosystem, whereby Revolut enables transactions between retail and business customers. Revolut’s new direct payments solution will also deliver lower fees for its business customers.

Nikolay Storonsky, Founder & CEO of Revolut said: “With its speed, convenience, security and low pricing, Revolut Pay gives merchants a competitive advantage in a rapidly growing e-commerce market. At Revolut, we constantly strive to make it faster, easier and cheaper for merchants of all sizes to accept payments, wherever they are, and to make it more convenient and secure for customers to pay. That’s why we’re launching Revolut Pay.” 

Revolut Pay features include:

  • A new way to pay that’s fast and frictionless

  • Best-in-class security, leveraging two-factor authentication when needed

  • Low transaction fees with no hidden or monthly charges

  • With Revolut Pay, funds will be settled directly into a merchant’s Revolut Business account within 24 hours at no extra cost (compared to businesses typically receiving funds settled to their account in up to seven days and having to pay for quicker funds arriving)

  • SMEs can can add Revolut Pay to web and mobile checkout pages and be up-and-running in minutes via our easy-to-install plug-ins

  • For larger businesses and start-ups, Revolut Pay has a set of easy-to-integrate plug-in API and SDKs (Software Development Kits) that allows enterprises to go live in a matter of days

  • Option to incentivise customers with cashback on their purchases

Revolut Business is a borderless financial superapp for businesses – rapidly improving how start-ups, scale-ups, and large-scale businesses accept and make payments, control spending and empower their teams. Our mission is to help companies do business globally, from day one, from anywhere. Launched in 2017, today hundreds of thousands of businesses rely on Revolut Business as their platform for growth. revolut.com/business

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