Prograd, which is aimed at helping young people boost financial literacy, has reportedly collected $2.5m in its seed funding round.
Contributions to the round came from Deloitte Ventures, Techstars, ZAKA Ventures, AGAM, Trouva founder Mandeep Singh, and other new and existing angel investors, according to a report from Financial IT.
With the funds, Prograd hopes to expand its marketing and development capabilities, bolster its digital footprint, release and app and improve its algorithms.
Founded by Ethan Fraenkel and Marco Logiudice, Prograd aims to help Gen Z set up financial goals and access tools to improve their financial literacy.
Its founders came up with the idea for Prograd whilst struggling to find sustainable financing options to cover the cost of their master’s degree. They soon realised they knew little about the finance world and eventually took out personal loans with high-interest rates that made them pay back double the amount they borrowed.
Through the platform, users can learn about money, understand how to multiply their funds, learn of risks and more.
Speaking on the deal, Prograd CEO and co-founder Ethan Fraenkel said, “We believe that one of the biggest problems in consumer finance right now is the lack of personalisation and financial literacy. There is a big disconnect between banks, what customers want to do and how the two parties communicate.”
Deloitte UK vice chairman Louise Brett added, “The knowledge gap around financial literacy, especially for younger generations, is a global problem that has deep societal implications. Prograd’s approach to this challenge offers meaningful benefits to both consumers and financial services.”
Earlier this week, fellow financial literacy focused FinTech company Greenlight launched an interactive game to teach kids about finance.
Its Level Up game was built by academic and game design experts and aims to transform financial education through industry-leading curriculum, challenges, and rewards that keep kids and teens engaged.
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