Wingocard, a mobile banking app and debit card designed to reward teens for good financial behaviour, has launched its services and extended its seed round by $1.7m.
The burst of capital brings the seed round total to $3m.
Panache Ventures led the round, with participation also coming from Dialogue co-founder and CEO Cherif Habib, PremiumBeat founder Francois Arbour and Diagram Ventures.
With the equity burst, the company hopes to accelerate the growth and expansion of its product offering with new features and gamified financial literacy tools to offer simple and impactful personal finance resources for teens.
Wingocard is designed to help teens learn how to save, budget and understand their money. Its mobile app is free to sign up for and use and the account guarantees no overdraft fees in order to provide parents with peace of mind.
Children 13 and up can open an account and link it to a parent’s account. This enables them to request for money from parents and parents can set up an allowance through the app
Teens can manage their finances in the app and make purchases with their Wingocard Visa debit card.
The FinTech has more than 75 thousand teens on its waitlist and more than 65% of teens who register share the app with their friends, the company claims.
Wingocard CEO and Co-Founder said Sebastien Brault said, “As parents, we can all relate to one thing: kids constantly asking for a credit card to make purchases online.
“More than ever, teens need a digital way to manage their money and Wingocard is a unique opportunity to provide them with fun and easy-to-use tools that will help them become financially independent. Traditional banks are stuck in the past and need to invest huge amounts of money to make baby steps towards a better user experience. My teens inspired me to launch Wingocard to better the lives of a whole new generation now—not in 20 years.”
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