Here’s NAB Ventures’ latest investment. Have you heard of Spriggy?
The post Meet Spriggy, NAB Ventures’ latest investment outside the ASX appeared first on The Motley Fool Australia. –
The latest company gaining the backing of National Australia Bank Ltd’s (ASX: NAB) NAB Ventures is pocket money app for kids, Spriggy.
Founders Alex Badran and Mario Hasanakos announced today that Spriggy raised $35 million in its series-B funding round.
The funds will be put towards the company’s growth plans, which require more dedicated designers, engineers, and problem solvers.
Spriggy springs from financial education
A Sydney-based startup in the fintech space — that’s a line we tend to hear a lot. However, where Spriggy differs is the demographic it’s aimed towards.
Now boasting more than 400,000 mums, dads, grandparents, and kids, the company offers an app that gives kids the opportunity to explore and learn finances while maintaining some parental controls.
Through the app, parents can stipulate pocket money for jobs, create savings goals, and monitor spending. Whereas on the kids’ side, the app offers a means of learning about money (whether earning, saving, or spending it) in the modern world.
Spriggy’s co-founder and co-CEO Mario Hasanakos said:
The biggest pain point or mistake we see is parents forgetting to pay pocket money because they don’t have cash on them, or they’re just busy running the household… That means the child doesn’t have regular exposure to money and then they don’t build those regular habits over time.
The company makes money by charging a membership fee of $30 per child per year. This single fee enables card locking, automatic payments, merchant restrictions, and more.
NAB Ventures funding outside the ASX
According to the announcement, NAB Ventures is the newest investor in Spriggy. Existing investors Grok Ventures and Perennial Value Management also took part in the $35 million funding round.
Furthermore, the funding will help the company expand upon its current feature set across a two-year period. From inspecting the company’s website, it appears it is also moving into investing with Spriggy Invest.
NAB Ventures managing director Todd Forrest explained why the venture arm of the ASX-listed big four bank is investing in Spriggy.
It’s so easy for young people to set up 10 different accounts, trade on credit and they can lose their money so quickly. That’s why we’re investing in Spriggy, which is building tools for young people to manage money in a completely digital environment, which is exactly how it works for adults.
Mr Forrest also mentioned it is a strategic investment for NAB Ventures. He added it could bring the app to its members of the ASX-listed bank, NAB.
The post Meet Spriggy, NAB Ventures’ latest investment outside the ASX appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.
*Returns as of May 24th 2021
Own NAB (ASX:NAB) shares? Here’s what to look for during reporting season
ASX 200 Weekly Wrap: Just like that… ASX back to record highs
Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.