Revolut launches accounts for children

Revolut, one of Europe’s biggest fintech (financial technology) firms, has launched a “money management” product for children, which can be monitored by parents via the app.
The online-only bank, which claims more than 10 million users worldwide, announced Wednesday it was launching Revolut Junior, an app aimed at kids between the ages of 7 and 17. The accounts will come with their own bank card for the child to use.
Revolut was founded in 2015 and has added features like cryptocurrency trading and savings products to its app over the years in an effort to become profitable. However, Revolut’s losses doubled in 2018 to £32.8 million ($42.4 million).

Source: https://www.cnbc.com/2020/03/18/revolut-junior-british-challenger-bank-launches-accounts-for-children.html 

Posted by Peter Oakes (www.peteroakes.com / Twitter @oakeslaw @US_Fintech @FintechUK_HQ @FintechIreland)
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