Tech

With Bling, the fintech startup revolution spreads even to pocket money • TechCrunch


Today, banks and fintech startups tend not to offer home-specific products, and this appears to be a hole in the market. Meanwhile, a lack of financial education and financial literacy means that families are missing out on the opportunity to ensure financial prosperity for their families.

GoHenry (which raised $121.2 million), which advertises itself as a “smart bank for kids” has tried to capture a piece of this market, but targets children, not families. While others disparage Gen-Z and their parents, such as Greenlight (US), Spriggy (AUS), Ruuky (DE), Step (US), Present (US), Nosso (UK), Unest (USA).

Step into this conflict twinklea start-up started by a 20-year-old that provides a financial platform specifically for families, designed so that parents can plan their children’s finances, from pocket money to first investments.

It has now raised a €3.5 million Seed funding round from Peak (based in Amsterdam); Family ; angels like Lea-Sophie Cramer, Verena Pausder, Felix Haas (IDnow co-founder), Jakob Schreyer (Orderbird co-founder), former ING-Diba CEO Ben Tellings, soccer world cup winner Andre Schürrle, family ‘influencer’ Carmen Kroll, Angel Invest and Prediction Capital.

The startup says it is settling an estimated 3.3 billion euros in pocket money given out in Germany annually, only to children aged 6 to 13, along with 35 billion euros spent on its own. domestic market in Germany (German census).

The Bling product has educational modules for parents, providing payment cards for children, such as being able to cover allowances through housework.

Founder Nils Feigenwinter started Bling when he was just 20 years old, and he created it because, he said, during his high school years, he was frustrated to see classmates who were personally in debt: “After 12 years of schooling, I look back and realize: Great, now I can recognize the Pythagorean theorem and the rock, but I don’t know how to save or handle money responsibly,” he said. in a statement.

With Bling, parents sign up, but no KYC is required as it only works for the first less than €150. They create family accounts, get cards, and set up their children’s accounts. Kids learn through modules, set up savings funds, can earn through chores and errands, and customize their cards.

Then, family and community members join Bling through the links, thus contributing to savings and investment plans, managing household spending, and preparing for financial events. main important.

Bling claims that it now has over 10,000 kids using the Bling Card as their first personal payment experience six months after launch, because it’s finally appealing to the likes of grandparents and parents. patrons and friends, use network effects to grow.

Bling’s business model is direct subscriptions, transactions and fees from financial products, partnerships (mobile-first plans, insurance, etc.).

Before Bling, Feigenwinter founded three other companies in the youth segment, including student magazines, home goods and Switzerland’s largest licensing company, as well as a consulting firm specializing in topics for young people, leading him to be described as a ‘fintech prodigy’. German media. He joins CTO and co-founder Leon Stephan.

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