Gravystack, a financial literacy app for children, has raised $5.2m in a seed round led by Altrus Capital and a pool of private investors.
Key investors also included Chad Willardson, Mark Timm, Gino Wickman, Jim Kwik, Kate Wells, Loral Langemeier, and David Meltzer.
Graystack is set to launch mid 2022 with a banking and gamification engine designed to incentivise children and teens to earn and manage money. The app also allows parents to supervise their children’s account activity and set flexible controls.
Serial entrepreneurs Scott Donnell and Travis Adams founded the “FinTech solution for the whole family” to help children build a financially independent future.
Donnell said, “GravyStack is more than just a debit card for kids, and better than allowance. This is a financial road map for children in real time. GravyStack breaks down the simplicity of money, from saving to spending to sharing, and combines innovative banking technology with 100 games to make it fun for kids to learn.
Adams added, “We both have several kids, and all of our investors are parents. We’ve faced the challenge of figuring out how to teach our kids about money, and what to tell them when they ask us for money. If you give them free money, like an allowance, you’re training them to expect this in the future. If you say no, you open the door to an argument. These are no-win situations. GravyStack gives parents a third option – to say, ‘Open up GravyStack. What can you do to earn your own money?”
ltrus Capital, The funding round will enable Gravystack to recruit key executives, including chief banking officer Gary Arnold, who led the creation of Amazon Pay and the PayPal Commerce Platform; and chief product officer John Fowler, who built several multimillion-dollar companies from ideation to exit.
Copyright © 2022 FinTech Global
