Supporting more than 30 million customers worldwide, including 100,000 joint users across the European Economic Area (EEA), Revolut launched Joint Accounts with the goal to increase financial flexibility and inclusion and to address the needs of all customers and their personal relationships.
Based on the information detailed in the announcement, the Joint Accounts feature is set to enable customers to create an additional account within the Revolut app to be jointly owned by two people, be those partners, family members, or friends. The company believes these new accounts provide customers with increased flexibility in managing their financing through pooling resources together with the ability to manage a common budget.
The super app is looking to actively change the stigma encountered by a multitude of people when creating a joint account by offering a simplified account opening process that can be completed in three easy steps. As such, Joint Accounts alongside Revolut <18 has the potential to become a centre of family finance, yet they can be equally leveraged by all types of duos, whether they are partners, siblings, roommates, or friends. As per the announcement details, Europe-based Revolut customers are making use of Joint Accounts predominantly for everyday spending, with the top spending categories confirmed by the firm to be supermarket shopping and restaurants.
When commenting on the announcement, Antonella Benhamou, Head of Banking Tribe and UX Product Owner at Revolut advised that the company is looking forward towards the launch of Joint Accounts to UK-based consumers following the successful feature release to European markets that took place in April 2023.
Per their statement, as Revolut continues its scalability at pace, it seeks to become increasingly social and inclusive and address the needs of different individuals, relationships, and budgets. The spokesperson added that Joint Accounts is set to enable customers to sort out money matters with whomever their financial life is shared with, in an easy manner, unifying the best of currently existing social and banking features.
Most recently, Revolut announced the launch of its Tap-to-Pay on iPhone service in the UK, enabling the contactless payment acceptance solution for Revolut Pro and Revolut Business customers.
What is more, in July it entered the New Zealand market following a 12-month trial, seeking to provide Kiwis with an improved digital experience and to drive market competition. The launch enabled residents to leverage Revolut and access instant and fee-free foreign currency exchange, together with P2P payment and split group bills. Additionally, customers were provided with the capability to send and spend in more than 200 currencies worldwide, with no hidden fees applied.
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