World neobank Revolut introduced as we speak that its youth-focused monetary app designed for people aged 6-17, has surpassed two million customers worldwide.
The <18 app, a part of a collection aimed toward empowering the subsequent era with monetary literacy, now counts greater than 3.5 million customers, together with guardians.
The rise in customers, particularly notable in Singapore the place the variety of younger customers and their guardians has doubled up to now 12 months, comes at a time when monetary literacy is more and more important.
Revolut’s app supplies younger customers and their dad and mom with instruments to handle funds successfully. The app consists of options like prompt spending alerts and budgeting instruments to assist customers develop good monetary habits from an early age.
In response to its increasing person base, Revolut has enhanced the <18 app with a refreshed design and extra options.
New instruments resembling Analytics improve budgeting and spending evaluation, aiding in monetary training, whereas Wallpapers permit teenagers to personalize their expertise.
Moreover, the app now presents options like Pockets for goal-specific financial savings and Spare Change round-ups without spending a dime to all customers—beforehand out there solely by paid plans.
In Singapore, the place month-to-month spending amongst younger customers has risen by 20% over the previous 12 months, the app’s options are serving to to extend the typical allowance acquired by children.
Revolut’s <18 app is now out there in additional than 20 markets together with UK, EEA, Australia, Singapore and the US.
Carlo Spada
Carlo Spada, Head of Product, Revolut <18 mentioned,
“The options we’re saying as we speak will empower younger individuals to take the lead on their funds and practise wholesome cash habits, all with enjoyable alternatives for personalisation and the appropriate stage of parental oversight.
We’re excited to see increasingly more younger individuals selecting Revolut because the place to construct in the direction of monetary independence.”
Ashley Thomas
Ashley Thomas, Head of Technique & Operations, Revolut Singapore, mentioned,
“If kids don’t obtain correct steerage and domesticate the fallacious habits of their youth, they danger lacking out on alternatives and making pricey errors as adults, which can significantly impression their total well-being and high quality of life.
We’re inspired to see the growing adoption of Revolut <18 and are dedicated to empowering our younger ones with the instruments they should not simply survive, however thrive in any monetary local weather.”
