London-based fintech Revolut said it has signed up one million users in Ireland, doubling it customers in the past six months.
The digital challenger bank, which offers customers an alternative to traditional banks for managing their money and making payments, will also target the youth market with a new money management app, Revolut Junior, designed to encourage financial literacy in children aged between seven and 17.
Founded in July 2015 by Nikolay Storonsky, Revolut offers a range of banking options, including a current account and an easy-access savings account. The company makes it easier to transfer money to friends and family, cuts the costs associated with using cards in foreign currencies and supports contactless mobile payments through services such as Apple Pay. It obtained a full banking licence from the Bank of Lithuania in 2019.
Reaching the one million mark is a milestone for the company. In November, Revolut said it had passed the 500,000 mark in Ireland. However, it is not clear how many of its Irish customers are using the fintech’s fee-paying premium accounts, instead of the free version, nor did the company reveal how many of its users are considered active.
The launch of the Revolut Junior app is its latest attempt to win over customers from traditional banks. The new app offers tailored tools and money advice for younger users. Accounts can only be created by adult users of Revolut on behalf of children, with accounts managed by parents or guardians from their own Revolut app. It is available to customers of Revolut’s paid for Premium and Metal accounts in Ireland, and includes a Revolut Junior card for children. Parents can manage their child’s spending, transfer money directly to their account and keep an eye on the balances in the accounts, disabling online spending for example.
"Helping kids develop financial skills is what is driving us, so we're proud to launch this product in Ireland and additional countries across Europe. Conversations about money typically start at home and we believe these skills are gained little by little, through experience and with help of parents and guardians," said Aurelien Guichard, product owner for Revolut Junior. "Revolut Junior 'grows' with kids until they are eligible for a standard 18+ account so that once they are independent, they have the financial skills and literacy to avoid potentially costly mistakes."
The company also plans to add other features to the junior app, including financial tasks and goals and the ability to set a regular allowance.
Revolut has more than 10 million customers globally and employs 2,000 people across 23 offices. It said earlier this year that it plans to shift responsibility for its European payments from London to Dublin as a result of Brexit. The company was recently valued at $5.5 billion (€5 billion) as a result of a new fundraising deal.