Australia-based Spriggy has reportedly raised around $2.5m in its latest funding round led by Alium Capital.
Other backers to the round included Perle Ventures, and several high-net worth individuals, according to various reports in the media.
Spriggy is a prepaid card and mobile app for 8-18-year olds, which helps parents and children mange money. Parents are able to distribute money to their child Visa card, with saving goals and transaction details listed to help encourage better fund management.
The app is free for the first month and can be extended through a referral program, following that, the yearly cost is $30.
The capital will be used to improve the product and to increase its marketing efforts, the reports state.
Following the investment, former ING chief executive Vaughn Richtor, and former Delivery Hero CTO Scott Fletcher will join the company in advisory positions, the articles said.
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