European fintech unicorn Revolut, has launched a money management app for parents and kids aged between seven and 17.
Initially available to UK Premium and Metal Revolut customers, Revolut Junior is designed to promote good money habits in kids with parents able to guide behaviour within set parameters.
Revolut customers can create a Junior account and then manage their kids' spending from within the main app, sending them money and keeping an eye on transactions.
Kids get their own Revolut Junior Visa card as well as an app, where they can check their balance and get transaction alerts.
The account will be updated over the year to add the ability to set a regular allowance, financial tasks and goals, savings options, spending reports, spending limits and eventually financial guidance.
Aurelien Guichard, product owner, Revolut Junior, says: "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.
"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."