Revolut launches Group Vaults as an alternative to joint accounts
Fintech startup Revolut is making vaults collaborative. You can now create a vault with someone else and use it like a normal vault.
Originally, vaults were an alternative to savings accounts without any interest rate. You could create vault in any currency (including supported cryptocurrencies) and set some money aside. You can round up your expenses and add change to a vault, program regular transfers to your vault or add money whenever you feel like it.
If vaults are like a Word document, group vaults are like a collaborative document in Google Docs. Multiple persons can now interact with a group vault just like a normal vault.
This will be useful for couples who want a sort of joint account without opening a bank account, parents giving some money to their children, roommates creating a common pot to pay for group expenses, friends going on vacation, etc.
Revolut users have created 1 million normal vaults so far. They currently hold the equivalent of $95 million (£75 million).
In other news, Revolut mentioned a new app for younger customers —Revolut Youth. It's not available yet but the company is working on it.
There are now 4.9 million registered users on Revolut. Every day, 12,000 people sign up. Every month, Revolut processes $5.5 billion in transaction volume.