Digital banking alternative Revolut has announced a new feature, Donations, that allows its five million customers to instantly round-up their card payments and donate the difference to charity.
Revolut is working with three charities initially, ILGA-Europe, Save the Children and WWF, which have been chosen for their appeal to Revolut’s global user base. Revolut’s association with each charity will be ongoing and the fintech add additional charities throughout the year as it rolls out the new feature.
One hundred percent of the amount donated by customers goes to each charity, with Revolut charging no fees and taking no cut from donations. There is no minimum donation amount and the feature can be turned on and off by customers at any time.
Customers can also donate via one-off, weekly or monthly recurring payments.
Nik Storonsky, Founder & CEO of Revolut said:
“Supporting social causes is really important to us and many of our users. A lack of transparency and time consuming processes are issues commonly experienced when donating to charity. So at Revolut we’ve decided to help make charitable donations simple by building an easy and secure tool to enable our community to give back, even if it’s only a little spare change. We’re excited to see how far Donations can go and the impact we can make together.”
Gemma Sherrington, Executive Director of Fundraising and Marketing at Save the Children said:
“We are always looking for new and innovative ways to deliver the greatest impact for children who need it most. Together with Revolut, we’ll raise awareness and funds for our life-saving work, give children a platform to share their stories and continue doing whatever it takes to build a better future for children everywhere.”
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