Revolut is launching a banking app for children

Money management app Revolut is changing the way people spend and share money and it's now hoping that it can get the next generation of bank customers on board a little early.

The company is set to launch an app for children later this year. Soon, adult users will be able to add children to their accounts as secondary users. Kids can then choose a card to use for transactions and start using Revolut's current account and money management platform. Parents will have control over their child's account and be able to manage pocket money and view transactions. The app will be for kids aged seven and over, with another version for over-16s to be launched too. The aim of Revolut Youth is to promote financial literacy among children, the fintech company says. "We believe that taking control over your finances is a lifetime of work, and starting to learn about financial literacy and how to manage your money is vital from a young age," a spokesperson said. "The long-term goal is focused on allowing children to earn the trust to have more financial freedom. This means promoting financial literacy." Revolut was founded four years ago and has become popular in the Irish market, boasting over 200,000 Irish users. A Revolut card can be topped up from your current account and used like an ordinary debit card to make payments. It also lets users transfer money to others and exchange currency.