London fintech Revolut launches spare change savings feature for everyday purchases

Revolut, the London-based fintech, has announced the launch of Vaults, enabling users to round up and save the spare change from their everyday purchases.

The new feature helps Revolut customers save their spare change from over 15 million transactions that are made every month.

Revolut highlighted that users can save in any of their 25 supported currencies, as well as Bitcoin, Litecoin and Ether.

One-off or regular payments can also be added to a Vault at anytime via the Revolut app.

If users feel like saving more or less at any point, the Vault settings can be adjusted in the Revolut app and money can be withdrawn instantly at anytime.

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

“We’ve had thousands of people in our community asking for this feature, so we wanted to give something back and ask for their help in naming it.

“We believe that Vaults will enable us to help many more people start saving and investing towards their future.”

Revolut currently allows customers to open an app-based current account in 60 seconds, receive instant spending analytics, hold and exchange 25 currencies with the real exchange and send free international money transfers.