Fintech startup Revolut wants to make it easier to donate to charities. Using a new feature, you can now round up card payments to the nearest whole number and donate a little amount to a charity. Over time, those donations might add up. The startup already has some features to put some money aside and save over time using vaults. Essentially, Revolut is giving you the same tools. But instead of putting money in a vault, you donate that money. In addition to rounding up transactions, you can multiply spare change by a factor of 2x, 3x, 4x, etc. You can also set up recurring donations to donate a fixed amount every day, week or month. There’s no minimum on donations. So even if you only rarely use your card, Revolut doesn’t keep anything. There are also no fees for charity partners. When clients donate $100, charities receive $100. You can tap on a cause and see how much money you’ve donated overall. Revolut will also display how much money they’ve handed out to each charity from the entire customer base. And, of course, you can stop donations in one tap. Revolut has partnered with three charities for now. You can donate to Save the Children, WWF and ILGA-Europe. There will be more charities in the future.
Challenger bank Revolut has added a feature allowing users to donate "spare change" to selected charities. The feature rounds up card payments to the nearest whole amount, allowing the difference to be put towards a charitable cause. It is similar to the fintech's vaults feature, which enables users to round up payments and put the difference aside as savings. Three charities have partnered with Revolut for the feature: Save the Children, WWF and ILGA-Europe. In addition to its own products, Revolut also offers services such as debit cards that can be used at ATMs or in stores where cash is not accepted.