Spriggy, an Australia-based family financing company offering digital accounts, personalized prepaid cards and financial education tools, announced raising a $35 million funding round led by NAB Ventures, according to a blog post by the company.
The company says it will use the funding to triple its local team size, develop new products and features and continue expanding its service across the Australian family market, according to Business Insider Australia.
Grok Ventures and Perennial Value Management also participated in the fundraise, after co-leading Spriggy’s $12 million Series in 2019. NAB Ventures executive Todd Forest will join Spriggy’s board of directors following the recent funding, which increases Spriggy’s total funding raised to just over $52 million.
Founded in 2015, Spriggy’s core product focuses on digital pocket money, with a mobile app, prepaid cards for young people and services that allow parents to help set savings goals, link allowance to chores, instantly lock cards and set age-based spending controls.
Spriggy was founded by Alex Badran and Mario Hasanakos, two parents who created the app to help families teach kids about spending and savings. The app currently has more than 500,000 users and provides its prepaid debit cards and services for $30 per year.
“From the start, we’ve focused on digital pocket money which is where kids typically have their first experience with their own money,” Badran told Business Insider Australia.
NAB Ventures’ Head of Everyday Banking Sarah Strain led the firms investment, citing her own regular use of the app, according to Finextra.
“When we worked on a roadmap for financial literacy it was obvious there was a real gap. We could have spent a long time building something, or look to partner with somebody who nails it. And Spriggy nails it,” Strain told Finextra.
In other recent fintech news, Santander’s payment fintech arm PagoNxT announced launching its Getnet service into 30 countries across Europe. Celebrity-backed startup Landis also raised $165 million in debt and equity.