With more than $5 million in funding in place, Till Financial has launched its collaborative family banking platform designed to help kids manage their money.
Till says its free platform is targeting the 50 million "pre-banked" Americans aged eight and up that represent over $400 billion in buying power.
Users get a real bank account, digital and physical debit card, and goal-based savings tools, while parents are heavily involved on a platform designed to encourage "open and honest discussions".
The funding round was joined by Melinda Gates' Pivotal Ventures with Magnify Ventures, Elysian Park Ventures, Afore Capital, Luge Capital, Alpine Meridian Ventures, The Gramercy Fund, SM Ventures and Lightspeed Venture Partners.
“Parents and the current banking options miss the point when they just focus on savings. We need to first prepare kids to be smarter spenders, supported by savings and investing,” says Taylor Burton, co-founder, Till. “With Till, kids learn to spend with intention and purpose, while parents gain confidence and trust based on transparency and accountability."