A UK based fintech for parents and kids called Strive has launched with the announcement of the acquisition of a popular digital piggy bank company GoSave.
Strive offers a savings account, interactive digital piggy banks, a customisable debit card, and a marketplace with offers from a range of toy, educational and edtech brands that can reward kids for hitting their saving goals. It also has a white label solution that lets banks in other parts of the world build similar solutions.
Children’s and youth banking market is estimated to be worth more than USD 1000 bln (CommBank insights) and represents a significant portion of the overall challenger bank market. With only 1-in-3 adults considered financially literate worldwide (S&P Global FinLit Survey), and home schooling being on the rise, the need for solutions to teach kids about money and engage their parents in the process has never been greater, according to the official press release.
Strive is initially launching in the UK and is currently taking expressions of interest ahead of their Seedrs crowdfunding campaign in a few months, that will take the team toward their first 10,000 families.
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