Today, a new UK based fintech for parents and kids called Strive launched with the announcement of the acquisition of a popular digital piggy bank company GoSave in an all stock deal. With 50% of the UK population considered financially vulnerable (FCA.org.uk) the need for easy solutions to teach kids about money and engage their parents in the process has never been greater. This need has been sped up by recent COVID events and the rise of cashless society.
Strive CSO, Ivan Muck, who is also a founder of the fintech ff.nex t shared “We’ve been working with GoSav e for a period of time now with some of our clients, and the idea of a youth focused challenger bank kept coming up. We see a real gap in the market to build a solution for parents that grows with the child, so it’s not just a debit card, it’s a whole 0-18 proposition that parents can start at any age.”
Families represent 84% of UK households, and 97% say teaching kids about money is hard (ons.gov.uk).
Strive makes teaching kids about money extremely easy. Its offering comprises a low cost 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.
Youth banking represents a significant portion of the overall challenger bank market, and although there are competitors like GoHenry, or RevolutJr, Strive’s branding, hardware and focus on the 0-18 segment differentiate them and allow room for further growth.
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.
Laura Citron, CEO at London & Partners, said: “I’m delighted to welcome Strive to London and thrilled that they have chosen to launch their business here. London is one of the world’s leading fintech hubs and companies here will benefit from the UK’s highly adoptive customer base for fintech services, as well as having access to stakeholders, clients, investors and exceptional talent. With a global business community built on diversity and progressive thinking, London is a city where ambitious companies like Strive can succeed.”
Next to London & Partners the team has also started working with Europe’s leading card issuer Pre Pay Solutions to help accelerate their path to market. They have also appointed advisors including ex N26 marketing Kelley Franklin and VISA members.
In addition, the company has opened up a social program where part of the proceeds from sales of their digital piggy banks goes to the UK’s frontline of financial education via the youth charity MyBn k.
The waitlist for Strive is now open with the top 25 referrers being given a free Strive digital piggy bank and if you refer at least 5 friends you will receive a year’s free access to the Strive family account. For early access please visit: www.strivebanking.com
Strive is the world’s first account designed for families launched in the UK this year. The idea behind Strive is to make savings fun for the whole family and a positive experience that helps shape kids money habits for life. Its offering comprises savings accounts, digital piggy banks, debit cards and goals marketplace. In collaboration with strategic partners its goal is to provide a lifetime of financial lessons to every kid across the world and empower them to lead financially healthy lives.