Starling Bank launching its new Starling Kite accounts for children is the latest example of a neobank trying to catch new customers when they are young.
The new give is strikingly similar to previous services offered by Revolut, which launched its Junior service in March this year.
The Starling Kite accounts have been marketed as child-friendly banking account that will enable kids to learn how to manage their financials from an early age, under the careful supervision of their parents and guardians.
The card will be linked to the parent or guardian’s account, which will enable them to track how kids between the ages of six and 16 use the cards, Crowdfund Insider reported.
Children with a Kite account will be able to swap it for a Starling Teen Account when they turn 16. Those accounts automatically turn into Starling personal accounts after their 18th birthday.
The new cards will go live next week and will cost £2 per card per month.
Starling Bank’s new give is very similar to the services provided by FinTech startup Beanstalk, which launched an app aimed at making it easier for families and their friends to save up money for their kids’ futures in July.
There has been a string of family oriented FinTech companies that have launched over the past few years such as StorkCard and PCKT Money.
And it seems as if the children and family-focused FinTech startups have caught the imagination of investors, with ventures such as Greenlight closing a $54m Series B last year and kid-focused money management platforms Jassby and FamPay secured $5m and $4.7m in funding this year, respectively.
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