NAB Ventures has led a $35 million round in family-focused financial startup Spriggy.
Spriggy’s first product focuses on digital pocket money and is built around a mobile app for families and a personalised prepaid card for young people. Linked to any Australian bank account, parents can help set savings goals, link pocket money to chores, and rest easy with instant card locking and age-inappropriate spending controls.
NAB's investment was steered by the experience of the bank's head of everyday banking Sarah Strain, who is a regular user of the app.
Strain says NAB already had some tools to teach customers about financial literacy, but they were all focussed on adults. “When we worked on a roadmap for financial literacy it was obvious there was a real gap,” says Strain “We could have spent a long time building something, or look to partner with somebody who nails it. And Spriggy nails it.”
NAB was joined in the funding round by Perennial Value Management and Grok Ventures, who led a $12 million Series A round in the company in 2019. Jeremy Kwong-Law, Grok Ventures CEO, says: “The team has done a great job scaling Australia’s top rated pocket money app to over 500,000 happy customers. They are brilliant at understanding customer pain points around family money management. I’m excited for Spriggy to leverage that knowledge to build more wonderful products for Aussie families.”