Fintech for kids: Jassby launches virtual debit card services for its large customer base
Jassby, a fintech-focused towards financial literacy for kids, launched exclusive services for virtual debit cards geared towards their target audience.
The company has cultivated the image of a family app and has greatly developed its services following the Covid-19 pandemic. Acting as a digital wallet and a shopping app, Jassby is a fintech tool that parent use to teach their children how to spend their money.
The company has created a platform that allows parents to allocate funds to their children to inculcate a saving culture. From its website, Jassby clearly states that it aims to increase financial literacy among children
A study mentioned on the company’s website claims that financial literacy in the USA is only a little higher than that of Botswana. Evidently, Jassby believes that the upcoming generation needs to learn the knacks of finance from a young age.
To achieve this goal, the company has developed an app that allows parents and grandparents to issue chores to their children in return for money. The kids can also propose to do extra chores for money, which can be approved by parents. They can also use the app to put in monthly allowances.
Recently, Jassby issued a new service, which allows kids to spend their allowances using a digital or virtual debit card within the app. The service is built in collaboration with Apple Pay and allows kids to cash-in their money wherever Apple Pay is accepted. Moreover, there is no monthly fee for using this card. Additionally, Jassby provides a one-stop-shop service called Jassby Mall, where kids can spend their money.
The app also offers transparency in the family, as all transactions can be seen by all members of the family.
Jassby crossed 100,000 customers this year, and raised $5m in March 2020, bringing the total funding to $10m. Benjamin Nachman, Jassby’s CEO highlighted the company’s goals, saying “I see us adding more and more layers of services to our App and we plan on raising an additional $20M later this year, to drive us closer towards 1 million users within a year”.