More than 40,000 young people in Ireland now have a Revolut Junior account, just four months after the product was launched here. 

New figures from the digital banking app show that since the launch of Revolut Junior on May 13, children between the ages of 7 and 17 have been signed up at an average rate of more than 2,600 a week - or 380 per day. 

Revolut Junior allows children to have their own contactless spending card, which is controlled and topped up by a parent. 

It also offers children their own Revolut Junior App, in which they can monitor their own spending and start learning the money skills they will need as they get older.

Parents can send money to their child's account instantly from their smartphone if needed. If the child's Revolut Junior card is lost or stolen, the parent can freeze it instantly from their own phone. 

Children do not need their own mobile phone to use Revolut Junior, the fintech said.