Revolut, a U.K.-based digital banking app, has launched a money management app called Revolut Junior, which allows kids aged 7-17 to spend and save under the supervision of their parents and provides financial literacy tools. 

The Revolut Junior account, which can only be created by the main Revolut account holder, allows parents to transfer funds to their kids, who can then make purchases through the app or a card, check account balances or get alerts about particular transactions. 

Revolut Junior will add additional features, including setting a regular allowance, allowing different options for savings accounts, creating spending reports and setting financial goals. 

"Helping kids develop financial skills is what is driving us," Aurelien Guichard, product owner for Revolut Junior, said in a release from Revolut. "Conversations about money typically start at home and we believe these skills are gained little by little, through experience and with help of parents and guardians."

Revolut Junior will initially be available to UK Premium and Metal Revolut customers, with rollout to additional European markets later this year.