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Spare change? Revolut offers Vault to Irish customers

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Fintech firm Revolut has launched a new features that will allow customers to save spare change from their Revolut transactions in any of its 25 supported currencies.

Vaults allows users to round up transactions and save the excess in their account in currencies including Bitcoin, Litecoin and Ether. The feature allows once-off or regular payments to be added to a customer’s Vault, and settings for the savings can be adjusted in the app at any time. Money can be withdrawn instantly.

“Offering spare change savings and roundups to Irish Revolut users has been one of our most popular feature requests,” said chief executive 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.”

More than 15 million transactions are carried out every month on Revolut, and the company has around 100,000 Irish customers. It is targetting 150,000 customers this year.

The company is pitching itself as a digital banking alternative, allowing users to open an app-based current account in one minute. The account allows customers to hold and exchange 25 currencies and send free international money transfers. Last month is announced it had raised $250 million (€205 million) in funding in a Series C round that increases its valuation to $1.7 billion (€1.4 billion).

Among its other products are a geolocation travel insurance, instant credit and a cryptocurrency offering that allows customers to buy, hold and sell cryptocurrencies instantly.

The London-based firm was launched in 2015, and has signed up more than 1.7 million customers in Europe.

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