Jassby, a money management mobile app focused on families, has reportedly raised $5m in a funding round.
The capital injection was led by Needham Bank and Moneta Capital, according to reports in the media. Other contributions to the investment came from Blumberg Cpaital, Correlation VC and PnP Ventures.
Funds from the round are earmarked for product development and increasing its customer base to hit one million users by the end of the year.
The finance app aims to improve the money management skills of children. The app lets kids earn money from their parents through tasks such as doing household chores, getting good grades or achieving goals.
Children can also request money from their parents, receive allowances automatically, set budgets, add grandparents, or create savings accounts. The app also supports shopping, helping parents keep track of their spending.
It’s important for parents to impart good financial awareness to their children as they play a major role in shaping their children’s financial habits. A recent study from Consultancy.uk claimed that 74% of Gen Z said their parents’ advice was the biggest deciding factor when picking a new bank.
Last year, fellow child-focused banking platform Greenlight Financial Technology closed its Series B round on $54m. The company gives children a debit card which a parent can mange via a mobile app, setting things like how much they can spend, allowances and parent-pair interest rates.
Copyright © 2020 FinTech Global