Revolut launches Revolut <18, a rebrand of its product for 6-17 year olds
By Joy Dumasia
Revolut, the global financial super app with more than 20m 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, and 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 their budget, build healthy money habits, and set 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 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.”
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.
With over 1.6m customers globally, Revolut Junior had over 350,000 customers in Britain alone, all of whom are now Revolut <18 customers. 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 13 in the UK), then a parent will need to create an account for them from their own Revolut app.
Recently, IBS Intelligence reported that Revolut sums up the first month since the launch of ‘Learn & Earn’ financial education courses. In July, Revolut took another step forward toward its mission of bringing customers the best financial products to manage their money and released lessons, knowledge tests and awards for passing them in its app. Almost 1.5m customers from 32 countries have completed the courses.
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