Revolut, the online bank, has launched a money management product aimed at children.
The company, one of Europe’s leading fintech firms, announced the launch of Revolut Junior, an app aimed at children between the ages of 7 and 17 years old. Account holders will get their own bank card, and parents will be able to monitor activity via the app.
The move is groundbreaking, with no other company offering a comparable service to the same age group. Online banking rival Monzo allows 16 and 17 year olds to open accounts but makes no provisions for younger children.
Revolut was founded in 2015 and now boasts over 10 million users globally. In recent years the company has added features like cryptocurrency trading and savings products to its range of services. The company is currently valued at $5.5 billion – along with Swedish payments start-up Klarna making it the joint most valuable fintech company in Europe.
Revolut Junior will be initially rolled out for the children of U.K. Premium and Metal subscribers, before being expanded to include the children of all customers.
Children cannot open an account without parental permission, and parents will have the ability to track their child’s money – including receiving notifications when their child uses the account. Additionally, parents will be able to set restrictions on the account, such as not allowing the card to be used for online purchases.