Revolut has launched a Revolut Junior account aimed at helping younger customers learn financial literacy.

The money management app, available for children aged seven to 17, will include an account that can be managed by a parent or legal guardian from their own Revolut account.

The Junior app will allow young customers to check their balance, get transaction alerts and spend with a Revolut Junior card.

The digital banking challenger, which is looking to expand its customer base of 10 million, said the app would promote financial literacy through tailored money tools and equip young people with the financial skills they will need by the time they become financially independent.

Parents can also get notifications to alert them of their child’s spending.The product includes security settings that enable the parent to control card and transaction functions, such as online payments.

The company announced last month that it had raised $500 million (£387 million) in Series D funding, making it the UK’s most valuable FinTech with a valuation of $5.5 billion (£4.2 billion).

In the first stage of the rollout, Revolut Junior will be available to UK Premium and Metal customers, with expansion planned to additional regions in Europe in the coming months and expansion markets in the near future.

Aurelien Guichard, product owner for Revolut Junior, said: “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.”

Commenting on the move Adam Davis, head of delivery at 11:FS, said: "Revolut are the first challenger to come out with this type of product and by doing so, they have beaten incumbents to market, many of whom have been looking at this for a while.

"I like what Revolut have done - first of all they have treated this as a feature, not a separate product and have managed to integrate with the existing Revolut app (for parents) - a key hurdle overcome in usability and UX."

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