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Fintech for Kids

Fintech for Kids
May 10, 2021

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For parents who have become financially literate well into their 30s (or are still learning), the premise of apps that teach financial literacy to children is an attractive one. Startups are offering to turn chores into calendar reminders, make piggy banks virtual, and put allowances into investing portfolios. Greenlight Card, a debit card and mobile app for kids and their parents, increased its valuation from $1.2BN to $2.3BN over a six-month period with April’s $260MM Round D led by Andreessen Horowitz. Here’s a look at some of the features and innovations these startups are taking to the bank:

Chores with Rewards

With apps like Gohenry, parents can go beyond allowance by setting up bonus opportunities to earn, through tasks and chores. This UK-based company raised its first venture round, led by Edison Partners in New Jersey, at the end of 2020. Parents claim the app saves them money by giving children the opportunity to be responsible for their own wants.

Virtual Piggy Bank

Kids can benefit from painless savings tactics, like rounding up to every dollar, each time they use their debit card with apps like Goalsetter. They can set goals to buy the latest video game or save for a trip to a theme park through set-it-and-forget-it regular withdrawals. Goalsetter raised its seed round led by Astia Angels in January, 2021 and aims to change the future financial plans of its young users and their families.

Investing for Their Future
The beauty of compound interest is that the younger you start, the more you can earn. Investment platform Acorns has made it that much easier for kids with Acorns Early. Meanwhile, the company just acquired Pillar, the AI-powered debt management platform that focuses on student debt. After Acorns acquired several debt management platforms in Q1, many wonder what this financial education might do for preventing debt for this next generation.
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Since last week, PrivCo has added:
533 Companies | 189 Funding Activities | 87 M&A Deals

Funding & Deal Highlights:

 

Paxos raises $300MM led by Oak HC/FT Partners

Cryptocurrency Software & Internet Services • Round D • New York, NY

Forge Biologics raises $120MM led by RA Capital Management

Pharmaceuticals • Round B • Columbus, OH

Vectra AI raises $130MM led by The Blackstone Group

Pharmaceuticals • Equity • San Jose, CA

Wasabi Technologies raises $112MM led by Fidelity Management & Research Company

Cloud Storage Software & Internet Services • Round C • Boston, MA

Modern Meadow raises $130MM

Biotechnology • Round C • Nutley, NJ

Crusoe Energy Systems raises $128MM led by Valor Equity Partners

Oil & Gas Equipment & Services • Round B • Denver, CO

CareRev raises $50MM led by Transformation Capital

Health Care Software & Internet Services • Round A • Los Angeles, CA

Calmerry raises $5MM led by Digital Future

Digital Health Software & Internet Services • Seed • Newark, DE

Vivrelle raises $26MM led by Origin Ventures

E-commerce Software & Internet Services • Round A • New York, NY

Vector Remote Care raises $12.5MM led by Updata Partners

Digital Health Software & Internet Services • Round A • Bend, OR

Mighty Networks raises $50MM led by Owl Ventures

Networking Software & Internet Services • Round B • Palo Alto, CA

InterWell Health raises $46MM

Health Care Services • Round B • Waltham, MA

Prescient Devices raises $2MM led by Z5 Capital

Cloud Software & Internet Services • Seed • Concord, MA

Glytec raises $21MM led by Savitr Capital

Health Care Software & Internet Services • Debt & Equity • Waltham, MA

Edifice Health raises $12MM led by Leaps by Bayer

Digital Health Software & Internet Services • Round A • San Mateo, CA

Atmosphere raises $25MM led by Valor Equity Partners L.P.

Entertainment•  Round B • Austin, TX

Compass Group acquires Eat Club 

Catering Business Support Services • Acquisition • Sunnyvale, CA

IBM acquires Turbonomic for $1.75BN

Automation Software & Internet Services • Acquisition • Boston, MA

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