Revolut's Youth-Focused Financial App Surpasses 2 Million Users Globally - Fintech Singapore

Revolut’s Youth-Focused Financial App Surpasses 2 Million Users Globally – Fintech Singapore

Time Stamp: April 15, 2024 5:13 AM
Source Node: 2546580

Global neobank Revolut announced today that its youth-focused financial app designed for individuals aged 6-17, has surpassed two million users worldwide.

The <18 app, part of a suite aimed at empowering the next generation with financial literacy, now counts more than 3.5 million users, including guardians.

The increase in users, especially notable in Singapore where the number of young users and their guardians has doubled in the past year, comes at a time when financial literacy is increasingly vital.

Revolut’s app provides young users and their parents with tools to manage finances effectively. The app includes features like instant spending alerts and budgeting tools to help users develop good financial habits from an early age.

In response to its expanding user base, Revolut has enhanced the <18 app with a refreshed design and additional features.

New tools such as Analytics enhance budgeting and spending analysis, aiding in financial education, while Wallpapers allow teens to personalize their experience.

Furthermore, the app now offers features like Pockets for goal-specific savings and Spare Change round-ups for free to all users—previously available only through paid plans.

In Singapore, where monthly spending among young users has risen by 20% over the past year, the app’s features are helping to increase the average allowance received by kids.

Revolut’s <18 app is now available in more than 20 markets including UK, EEA, Australia, Singapore and the US.

Carlo Spada

Carlo Spada

Carlo Spada, Head of Product, Revolut <18 said,

“The features we’re announcing today will empower young people to take the lead on their finances and practise healthy money habits, all with fun opportunities for personalisation and the right level of parental oversight.

We’re excited to see more and more young people choosing Revolut as the place to build towards financial independence.”

Ashley Thomas

Ashley Thomas

Ashley Thomas, Head of Strategy & Operations, Revolut Singapore, said,

“If children do not receive proper guidance and cultivate the wrong habits in their youth, they risk missing out on opportunities and making costly mistakes as adults, which may greatly impact their overall well-being and quality of life.

We are encouraged to see the increasing adoption of Revolut <18 and are committed to empowering our young ones with the tools they need to not just survive, but thrive in any financial climate.”

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