Friday 25 May 2018

Irish users can now benefit from Revolut's new spare change savings tool Vaults

The digital banking alternative currently serves more than 100,000 customers in Ireland
The digital banking alternative currently serves more than 100,000 customers in Ireland
Louise Kelly

Louise Kelly

Fintech firm Revolut has launched a new savings feature that allows users in Ireland to bank spare cash from their everyday purchases.

Vaults allows users to round up and save their spare change from their monthly transactions, whether regular or once-off.

The digital banking alternative currently serves more than 100,000 customers in Ireland, with 40pc using Revolut as their primary spending card at home and abroad.

Users can save in any of the 25 supported currencies, as well as Bitcoin, Litecoin and Ether.

The settings for Vaults can be adjusted so that users can save more or less - and funds can be withdrawn at any time.

"Offering spare change savings and roundups to Irish Revolut users has been one of our most popular feature requests," said Revolut CEO Nikolay Storonsky.

"We’ve had thousands of people asking for the feature and we believe that Vaults will allow us to help many of our Irish customers start saving and investing towards their future."

Earlier this month, Revolut challenged the fintech industry to actively address gender imbalance with the launch of free coding classes for women.

Chief executive Nikolay Storonsky said that he hoped their action will inspire similar activity across the fintech space.

The company also recently announced that it raised a further $250m (€205m), increasing its value five-fold to $1.7bn in less than a year.

Among the investors is Dublin-listed Draper Esprit, which announced an investment of up to $16.5m (€13.5m) in the company.

Pay-per-day geolocation travel insurance and disposable virtual cards are just two other new product offerings from the online bank this year.

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