22 October 2017
Register now

Osper launches prepaid card and app banking service for kids

30 June 2014  |  9489 views  |  3 Osper

UK startup Osper is promising to reinvent banking for young people through a new prepaid card and mobile app-based service.

Aimed at the UK's seven million eight to 18 year olds, Osper was founded by former maths teacher and M-Pesa staffer Alick Varma as a way to give children financial freedom and encourage them to take responsibility for their money.

The firm has raised over $10 million in pre-launch funding from investors including Index Ventures, Horizons Ventures and Travelex CEO Peter Jackson.

Kids get a prepaid MasterCard card which they can use for online and in-store purchases, as well as for ATM withdrawals. Meanwhile, an iOS and Android app provides instant balance checks, and transaction monitoring, including via text alerts.

Parents can also access the app from their handsets to monitor spending and load funds, creating, says Osper, more transparent and open conversations about money.

Says Varma: "Osper gives young people the freedom and control needed to 'learn by doing' within the framework of a safe and secure family environment."

Comments: (3)

Jesus Freire
Jesus Freire - IBM - Madrid | 30 June, 2014, 10:51

Interesting for banks and traditional players as the internet born companies and new entrants in financial services are now much closer to the under 18 than the traditional banks.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
A Finextra member
A Finextra member | 30 June, 2014, 11:29

Errrr. Isn't that exactly the same proposotion as currently offered by GoHenry Safe Pocket Money which was founded in 2011? Seems identical .....(though the monthly charges on Osper are cheaper!)

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
David Brear
David Brear - Previously Infosys, Lloyds Banking Group and Aviva - London | 01 July, 2014, 08:34

This is a great product facilitated by new technology. Its another good example of how mobility is shaping the banking landscape. Its not a huge change but a small movement of a small element of what banks do.

Shame non of the bank players have done something like this as the major benefit is a stream of young customers coming through in to the prime audience when they get older.

This generations piggy bank and clip folder :)

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Brixton Pound gets mobile app and iBeacon push

Brixton Pound gets mobile app and iBeacon push

20 June 2014  |  8487 views  |  0 comments | 9 tweets | 8 linkedin
Virtual Piggy checks into Habbo Hotel

Virtual Piggy checks into Habbo Hotel

14 August 2013  |  3988 views  |  1 comments | 2 tweets | 1 linkedin
Kids money management site launches

Kids money management site launches

13 August 2010  |  8421 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit www.atos.netvisit www.niceactimize.com

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
13233 views comments | 17 tweets | 28 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
12253 views comments | 22 tweets | 28 linkedin
satelliteGates Foundation backs Ripple collaboratio...
9549 views comments | 13 tweets | 10 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
9154 views comments | 11 tweets | 22 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
8571 views comments | 9 tweets | 18 linkedin

Featured job

circa £250K total package
London

Find your next job