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Teenager-focused FinTech Kard said to close $3.5m round

Kard, a challenger bank aimed at teenagers, has reportedly raised $3.5m in a funding round, which was led by Founders Future.

Other participants of the round included angel backers Laurence Krieger, Michael Vaughan, Jon Oringer  and Iris Mittenaere, according to a report from TechCrunch.

The FinTech platform is mobile app aimed at helping educate teenagers about money. Parents can use the mobile app to add more pocket money.

Kids receive a debit card, which comes in a choice of three colours, with the mobile app, enabling them to spend money in stores. Through the app, users can track their spending, receive real-time spending notifications, send instant money transfers and free payment and withdrawals.

To bolster protections for teenagers, card can be locked or unlocked through the app and a smartphone insurance policy is included.

Fellow US-based teenager-focused banking app Greenlight Financial Technology recently became a unicorn after is closed a $215m Series C.

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