8.6 C
New York
Tuesday, March 2, 2021
Home Uncategorized Digital piggy banks? In the UK right before Christmas!

Digital piggy banks? In the UK right before Christmas!

GoSave is a Californian fintech start-up and it is about to launch its digital piggy banks in the UK later this year right before Christmas. Co-founder and CEO Andrew Birt explains why the fintech decided to tap the financial market.

“We’re fighting the inertia of kids not saving,” says Birt. Designed for kids who are in the ‘pre-smartphone’ age range, GoSave’s piggy bank installed with a four-and-a-half inch screen, which is one of – if not the first – physical piggy banks purpose-built for open banking.

“Initially the start-up was about financial literacy, but then neobanks and open banking happened, so we built the product to link it to a real bank account which can initiate transfers through the platform itself,” says Birt, who has a two-year-old and a five-year-old himself.

GoSave cofounders

“ The fintech can connect the money saver to either a bank account or a smart reloadable debit card. We’re in discussions with a number of potential partners around the world on linking GoSave directly to these platforms,” says Birt, who cannot disclose their names at this time.

“A growing segment of parents don’t want kids to have a smartphone until the age of 12 or 13,” he says. Despite research in the UK by Childwise last month suggesting that by the age of seven 53% of British children own their own mobile phone, Birt is confident the physical aspect of GoSave’s product will resonate with parents.

The digital piggy bank “makes the whole process tangible”, he says. “How do you teach kids about money when money sent via phone just disappears?”. From the age of seven, GoSave believes a gap emerges where kids “are so eager to learn” but they are still a way off from the age where “they’re cynical or ‘too cool’” for it.

Birt adds: “ Neobanks are a particularly good prospect for the fintech due to their open banking-friendly platforms, and the start-up has already had conversations with some of the youth-focused cards out there as it does not consider them direct competitors. ”


Avatar
Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

N26 and Raisin partner on EasyFlex savings accounts

Cross-border savings and investments marketplace Raisin and the german digital bank N26 combine their strenghts to deliver top interest rates.

Starling Bank aims to hold 18% of the SME market

The digital bank Starling announced a plan in which it is going to hold 18% of the SME banking market in five years, Insider reported.

TransferWise gets rebranded as ‘Wise’

The rebranded company Wise drops the part Transfer as a signal of moving on from the money-transfer focus of the company.

Revolut about to increase fees and cut number of free trades

Revolut introduced additional fees on its free plan and trading on the Revolut platform will also become more expensive.