Estonia, Financial Services, Fintech, Good for Business, Internet

Revolut Junior aims to promote good money habits at an early age within safe parameters, guided by a responsible adult. Revolut Junior accounts can only be created by a parent or legal guardian who is an existing Revolut user. Using their own, existing Revolut account, parents will be able to manage their kids' allowances as well as their own in one secure place.

"Helping kids develop financial skills is what is driving us, so we're proud to launch this product in Estonia and additional countries across Europe," Aurelien Guichard, product owner for Revolut Junior, said.

The product has three main components -- a new Revolut Junior app for kids, in which they can check their balance and get transaction alerts; a new specially designed section in the existing Revolut app allowing parents and guardians to manage their kids' spending, and an exclusively designed Revolut Junior card for the kid.

The app enables parents to instantly and directly transfer money to their child's account and access balances and transactions. Parents can also get notifications to alert them of their child's spending. The product includes security settings that enable the parent to control card and transaction functions, such as online payments.

Planned features that will be added throughout the year include the ability to set a regular allowance, financial tasks and goals, savings options, insightful spending reports, spending limits and eventually financial guidance for kids to help develop their financial skills. Each feature is designed to involve the parents and their child to facilitate a constant dialogue in the family.

Revolut announced in early May that it is to launch banking services in the Baltic states.

The company has attracted more than 12 million customers globally and over 30,000 customers in Estonia.

Established in London in July 2015, Revolut Ltd is a financial services and payments company. Customers can use, among other things, multi-currency accounts, budget and savings tools, and a free stock trading platform.