Jassby, an app that lets kids receive, manage and spend their money, has raised $5 million in a funding round joined by Needham Bank and Moneta Capital.
Existing investors Blumberg Capital, Correlation VC and PnP Ventures all joined the round, which brings Jassby's total funding to $10 million.
Jassby offers families a service through which kids can receive money from their parents and grandparents, and can then save, donate or spend, on a safe, controlled, digital platform.
The app combines a digital wallet and shopping tool, helping children budget and start building good habits that connect how much they “have” to what they “want” in a secure Walled Garden.
With more than 100,000 users, the app says it will use the latest funding to accelerate its development roadmap and push for one million uses within a year.
Adoram Gaash, managing partner, Moneta, says: “Jassby has created a holistic digital financial ecosystem for kids, teens and their parents, which deals with the real issue of financial illiteracy, and lets kids use financial services in a very smart way.”