Revolut Targets Teens And Tweens With Goals On Revolut Junior

Revolut is rolling out a new tool called Goals for its Junior savings card and app that encourages youth to stash away money. The app’s three pillars — allowances, tasks and goals — are intended to help kids 7 to 17 years old understand the importance of savings.

Junior Goals can be set by the parent or child, with or without a target value, Revolut said in a statement on Thursday (Oct. 8). Parents can fund the goals directly or let their children earmark allowances and complete tasks to earn.

“Goals, along with payments, allowances and tasks, was one of our customers’ top requested and valued features, and we’re excited to be building a product that is making saving fun and easy for both kids and parents. We’re delighted with the popularity of Revolut Junior so far and can’t wait to share even more great features in the coming months,” said Felix Jamestin, head of premium product at Revolut.

The company said the most popular tasks for youth so far include: tidying bedroom, daily reading, washing the dishes, vacuuming and emptying trash bins.

Revolut Junior’s Goals feature is currently available to all Revolut Premium and Metal users in the U.S. and the European Economic Area. Launch plans are in the works for Singapore, Japan and Australia.

Revolut was launched in 2015 by Nikolay Storonsky and Vlad Yatsenko and is headquartered in London. The FinTech’s recent expansion efforts include the U.S. in March and Japan in September. The startup has about 10 million customers and raised over $800 million in funding. It employs more than 2,000 people globally, including in New York and San Francisco.

So far over 200,000 kids have signed up to Revolut Junior, and additional features are planned, including educational materials to help youth learn about personal finance and money management.