London-based fintech unicorn Revolut announced on Thursday that it has launched a new banking product – Joint Accounts in the Netherlands and the European Economic Area (EEA).
With Joint Accounts, Revolut’s customers can now create an additional account in the Revolut app that will be jointly owned by two people – whether they are partners, family members or friends.
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Revolut’s survey
A recent survey shows that 58 percent of Europeans want to use a joint account to manage their expenses with a partner.
32 percent of them preferred to use it exclusively as their only account, while 26 percent as a complement to their private ones.
The remaining 33 percent preferred to keep accounting and budget separate.
Who can open a joint account?
According to the British fintech firm, joint accounts can be opened directly in the app and meet the needs of different people and relationships. When opening an account, both users receive two virtual and two physical debit cards.
However, to open joint accounts, both parties must be Revolut customers and have the app updated to the version that supports the Joint Accounts feature.
Both individuals must also share the same country their personal accounts were registered in, the same Revolut entity or branch (entity of registration for personal accounts) and they cannot be part of another joint account.
“Customers do not need to prove that they live together, nor do they need to share any additional details about their relationship with their partner,” the company says.
Wiktor Stopa, head of growth in Western Europe at Revolut, says: “I am particularly pleased to see Revolut become even more social and inclusive, meeting the needs of different people, relationships and budgets.”
“Joint accounts will help to easily manage money matters with whoever we share our financial lives with – blending the best of existing social and banking features,” adds Stopa.
Over the years, the fintech company has become one of the largest financial communities in the world, with several features specifically designed to be used with other people and to make everyday banking faster and easier, such as Group Bills, Revolut Chat, Revolut <18, Group Vault and seamless p2p payments.
Revolut: What you need to know
Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, Revolut is a financial company specializing in mobile banking, card payments, money transfers and currency.
In addition, it includes a prepaid debit card, currency exchange and peer-to-peer payments.
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