UK-based fintech company Revolut has announced the introduction of its Joint Account service in Australia, allowing individuals to share their finances in a single place. Through this move, Revolut intends to provide its Joint Accounts capability to enable customers to create an additional account within the company’s app to be jointly owned by two individuals, such as partners, family members, housemates, or friends.

The accounts are set to offer increased flexibility in managing finances via pooling resources and the ability to administrate a common budget. Revolut’s development strategy In a bid to expand financial flexibility and inclusion, Revolut developed the Joint Accounts product which focuses on meeting the needs of all customers and their personal relationships. The company intends to mitigate the barriers associated with opening a joint account with a traditional bank by delivering a simplified and efficient account opening process that can be completed in three steps.

Together with Revolut <18, Joint Accounts are created to support family finance management, however, they can be leveraged by all types of relationships, including partners, siblings, roommates, and friends. Furthermore, Joint Accounts are currently leveraged by nearly 200,000 of the company’s customers across the UK and Europe, with them mostly utilising the product for everyday spending, such as supermarket shopping and restaurants. According to Revolut’s officials, the launch of Joint Accounts in Australia aims to advance the company’s development strategy, as it expands its offering across the region. The newly added feature intends to enable users to share and manage their finances with a partner, family member, housemate, or friend, without dealing with difficulties posed by traditional banking processes.

With the launch of Revolut Joint Accounts, the company focuses on enhancing financial flexibility and inclusion, while simultaneously allowing Australians to achieve their financial objectives. As of the announcement, all Revolut retail customers in Australia are eligible to open a Joint Account from within the app. Revolut’s previous announcements As part of its plans to advance its development strategy, Revolut recently made several announcements, including the launch of its refinancing facility in Romania, as well as the solution’s global premiere.

After the introduction of the new facility, the company was expected to refinance one or more unguaranteed loans from Revolut Bank or other banks and financial institutions. Also, Revolut was set to focus on meeting the needs, preferences, and demands of its customers and clients, while prioritising remaining compliant with the regulatory requirements and laws of the industry. .