Banking app aimed at children WALO nabs $1.1m

Canadian FinTech company WALO has received a $1.1m investment from The Quebec government, among others.

Contributions came from Desjardins, Granicus Group, WatchMojo and several angel investors.

With the capital, the FinTech company plans to get its banking solution of prepaid cards to market. WALO is also looking to release new bank accounts for kids and prepaid MasterCard credit cards later this year,

WALO is a financial platform designed to teach children the value of money. Its mobile app lets users set allowances, establish financial rewards for completing certain chores, goal-based savings, and earn rewards for improving their understanding of financial literacy.

The platform also provides children with prepaid debit cards.

WALO minister for the economy Lucie Lecours said, “By developing and marketing an innovative mobile application, WALO is helping to position Québec as a leader in an emerging field with a bright future: that of financial technology, or ‘FinTech’. Through the Impulsion PME program, we are proud to be helping this dynamic young company to grow and to promote its expertise globally.”

Earlier in the week, fellow family focused FinTech company Nosso raised $2.8m in funding. The capital injection was led by Octopus Ventures and Anthemis.

Nosso provides children investment accounts that two parents can track, manage and contribute to.

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