London-based fintech Revolut launched an investment product aimed at children aged between 7 and 17. The “money management” platform might eventually lead many children to embrace cryptocurrencies.
Fintech Revolut Launches Money Management App for Kids
The crypto space has always been yearning for higher adoption among institutional investors, but the market can get a boost from a totally unexplored cohort – Generation Alpha.
Revolut, one of the biggest fintechs in Europe, introduced Revolut Junior, a money management application aimed at children of the Generation Alpha and Generation Z. The accounts connected to the app will have their own bank cards for the kids to use.
The product is currently available to the children of British Premium and Metal clients, who pay £6.99 and £12.99 per month, respectively, for the top-tier accounts offered by Revolut. Later on, the product will reach children of clients with free accounts and beyond the UK.
Junior accounts can be opened only by parents or legal guardians. They will have the right to manage and monitor their kids’ balance through an app. By the end of this year, the account will have the ability to set financial goals, saving options, spending limits, reports, and financial guidance.
Aurelien Guichard, product owner of Revolut Junior, commented:
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.
Generation Alpha Will Push Bitcoin to Next Level
You may wonder what’s in it for the crypto space. While at this point it is not clear whether Revolut Junior allows kids to buy and sell cryptocurrencies, the fintech offers instant access to 5 cryptocurrencies for its Premium and Metal accounts.
Revolut users can buy Bitcoin, Ethereum, Bitcoin Cash, XRP, and Litecoin with any of the available 30 fiat currencies.
In any case, the crypto market will eventually win from this move, as Revolut boasts over 10 million accounts worldwide.
As children grow up, they will most likely switch to a standard Revolut account, which certainly includes the crypto options.
Do you think that the crypto market will be backed by the younger generations? Share your thoughts in the comments section!
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