NatWest acquires kids banking fintech RoosterMoney

Monday 11 October 2021 14:04 CET | News

NatWest has acquired fintech RoosterMoney as part of its strategy to help families and young people more easily manage their money, according to the official press release.

Launched in 2016, Rooster, an UK-based fintech, makes it really simple for parents and children to learn about earning, saving, giving, and spending money. The app has a five-star rating from users and has been growing quickly, adding new features such as reward charts, chore reminders, and customised interest rates that can be set by parents to encourage the saving habit. 

RoosterMoney allows parents to immediately freeze a card if it’s lost and block payments to specific merchants. It also gives parents and children real-time notifications on their spending and comes with a ‘contactless counter’ so children know how far away they are from having to next use their chip-and-pin. 

NatWest conducted research to understand the perceived opportunities, challenges, behaviours, and attitudes of young people and their carers today. When considering what help they needed to build confidence with money management, 88% of parents felt support to help their children practice new skills in a safe space would be helpful. 76% agreed the ability for them to unlock more powers for their children as they learn, and 80% felt the option for them to practice together with their child would be helpful – needs which will be better served through RoosterMoney.

Rooster has over 130,000 UK users and following today’s announcement existing customers can continue to use the Rooster app as they normally would. NatWest will be working to offer Rooster as part of its existing products and services in the coming months.

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Keywords: acquisition, banks, fintech, mobile banking
Categories: Banking & Fintech | Online & Mobile Banking
Countries: United Kingdom
This article is part of category

Banking & Fintech