Till Financial, a family financial tool to educate kids on healthy spending habits, has bagged a $5m funding round.
The round was backed by Elysian Park Ventures, Pivotal Ventures, Afore Capital, Luge Capital, Alpine Meridian Ventures, The Gramercy Fund, SM and Lightspeed Venture Partners. Several unnamed angel investors also contributed to the round.
Til’s platform is aimed at the 50 million pre-banked young people in the US, which represent more than $400bn in buying power, it claims. The app is designed to make family finance conversational and collaborative by encouraging open and honest discussions about money with parents and kids.
It offers a real bank account, digital and physical debit card, and goal-based savings tools.
Till co-founder Taylor Burton said, “Parents and the current banking options miss the point when they just focus on savings. We need to first prepare kids to be smarter spenders, supported by savings and investing.
“With Till, kids learn to spend with intention and purpose, while parents gain confidence and trust based on transparency and accountability. We offer this platform with no fee to all families—irrespective of socioeconomic status—because a kid’s first banking experience should not come with their first banking fee.”
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