Amid the avalanche of challenger banks that have hit their stride over the last year, there seems to be something for everyone — freelancers, gig workers, the underbanked, and even kids. In fact, mobile banks geared towards youngsters seem to really be having a moment. Bay Area-based Step raised a $100 million round led by General Catalyst earlier this year, joining similar startups like Wingocard and Greenlight, which was also recently named one of the fastest growing tech companies in the country by Deloitte.
The latest to score funding is financial education platform Goalsetter. The NYC-based startup announced Wednesday it closed on a $15 million Series A round led by Seae Ventures.
Like a lot of other similar startups, Goalsetter offers a debit card that can be fully controlled by parents, as well as savings accounts. It also offers age-specific gamified features kids can use to learn about finance in a more fun and engaging way. The startup recently launched a new investment tool, too, giving families the ability to buy, sell and trade stocks in an educational way.
The endgame, says founder and CEO Tanya Van Court, is to teach kids about financial literacy in “relatable, fun, and accessible” ways as early as possible so that they won’t join the 80 percent of Americans who are in debt today — owing about $14 trillion altogether.
“Wealth disparities in the United States are vast, and prevalent in every corner of our country,” Van Court said in a statement. “If we want to transform the bell curve of wealth in our society, we need to start by ensuring that the next generation of Americans are savers, investors and owners.”
Unlike many of Goalsetter’s peers, it is doing this through a B2B model, forging partnerships with traditional financial institutions like banks so they can offer the platform directly to their customers and employees. This gets Goalsetter in front of more people; at the same time, it helps traditional banks better compete with the flurry of challengers and neobanks taking the industry by storm, providing them with a fully baked platform families can use to set their kids up for financial success.
“For the first time in our nation’s history, there is a sea change in the making that will give every kid and family in America access to both the education and the tools they need to become financially healthy,” Tuoyo Louis, a co-founder at Seae Ventures, said in a statement. “By enabling corporations and financial institutions to give every customer and employee they serve — from the mailroom to the boardroom — the gift of financial acumen, Goalsetter has become a disruptor for how future generations will learn money and build wealth.”
Looking ahead, Goalsetter says it will use this fresh funding to further its B2B partnerships.
