British challenger bank Revolut has launched a new banking app called Revolut Junior to teach kids financial skills.
The app is for parents and young people aged seven to 17 years.
It comes with a specially designed Junior card.
Parents and guardians, with an existing Revolut Premium or Metal account, can create a Revolut Junior account for their children.
Only the main account holders can transfer money to the Junior account.
Children can make purchases using the app or card, get transaction alerts and check account balances.
The app is enabled with necessary parental controls.
It has a separate section for parents or guardians to help them supervise and manage their child’s spending.
The bank said that parents can check and control online payments and receive notifications on their phones whenever their kids make a purchase using the card.
Moreover, the Junior card cannot be used at certain age-restricted merchants.
Revolut said that they will soon introduce additional budgeting features in the app such as setting up weekly allowance and creating vaults to manage to spend.
The bank is also planning to launch the Revolut Junior app outside of the UK.
Last month, Revolut raised $500m in Series D funding, at a valuation of $5.5bn.
In the same month, Revolut partnered with TrueLayer to offer open banking for all UK customers.
In January, Revolut rolled out an easy access savings product for the UK market, offering a competitive 1.35% interest rate.