With Co-Parent feature, Revolut expands family banking beyond the standard two-parent household
- Revolut Junior’s Co-Parent new feature allows parents to invite family members to manage their children’s bank accounts.
- Revolut Junior has more than 270,000 child users.
Revolut’s recently released Co-Parent feature allows parents to jointly supervise their children’s spending habits on its Junior app. It builds upon the company’s financial literacy solutions for its children and parent customers.
The Co-Parent feature enables parents and guardians to nominate a second caregiver to manage their child’s bank account. Parents and guardians can then use Revolut Junior’s money management tools to teach their children financial skills. The app provides tools for allowances, tasks in exchange for rewards and savings goals to instill financial responsibility in children.
The fintech opted to launch the Co-Parent feature based on customer feedback that requested additional account access for parents and other loved ones involved in the financial lives of children.
“We recognize that not every family will have the standard two parent household. It was important to us that the second adult who can oversee a child’s account could be anyone financially involved in a child’s life,” said Tara Massoudi, Revolut’s senior operations manager. “So, carers, guardians and even grandparents can join Revolut Junior and assist with the financial wellbeing of the children.”
Revolut Junior’s Co-Parent feature is available to the app’s Premium and Metal users free of cost. Since the feature’s launch in late November, the app has received widespread appreciation from co-parents who have signed up in 30 countries.
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