Goalsetter Raises $ 15 Million To Go B2B With Kids’ Financial Literacy App – TechCrunch

Goalkeeper, a financial education platform for kids, has announced the closing of a $ 15 million Series A funding round. Funding was led by Seae Ventures, with the participation of Fiserv, Mass mutual, Citizens Financial Group, Astia Fund, NBA stars Kevin Durant and Carmelo Anthony, and actors Anthony Anderson and Lance Gross.

The startup was founded by Tanya Van Court who had her own struggles with financial literacy after losing over $ 1 million in stocks during the 2001 bubble burst. After having children and working for Nickelodeon, Discovery Education, and ESPN, she realized there was a huge gap in the market when it came to how we talk to kids about money.

The startup’s app allows children to get stipends or monetary gifts from friends, relatives and loved ones, or spend money through a Goalsetter debit card. What makes Goalsetter different, however, is that kids can only ‘unlock’ these funds by taking fun quizzes about financial literacy, with difficulty age-appropriate questions. The platform even recently introduced a feature called Goalsetter Invest, which allows users to buy and sell stocks.

This Series A financing is important as it marks the company’s entry into the B2B market. So far, Goalsetter has focused on attracting parents and their children to the app through traditional B2C channels and word of mouth.

With Fiserv on the cap table, Goalsetter has partnered with the backbone financial system to sell a white label version of Goalsetter to other financial institutions like banks.

The idea here is that traditional banks may very well fall behind their new competitors like smart card services and neobanks. Goalsetter can provide the fully-prepared platform that can help families set up a first savings account, investment account, and help with their children’s financial education.

Van Court explained that the decision to move into B2B came to him literally in the middle of the night. She straightened up and realized that she had “seen this movie before”.

She described how the cable industry was weakened by the younger generation who left her parents’ house and decided that all she needed was the streaming services she was used to and was not interested in. pay a $ 200 cable bill. She realized the same would happen with fintech, where kids would sign up with a neobank or new debit card and stay there for their entire lives.

“I was just like, ‘wow, these kids growing up in this new world of fintech never go back to the big banks,” ”she said. “The only way for the big banks not to be disintermediated is to white label a product like Goalsetter which has a very high NPS that reaches all children of age. It hits the whole family and they hit them before everyone else hits them. “

Have you ever wondered why Coca-Cola uses animated polar bears in its advertisements? Same reason. Get them while they’re young.

Along with partnering with Fiserv and hopefully Goalsetter, the financial institutions that Fiserv powers, the platform is also looking to partner with large employers to offer Goalsetter as a benefit to employees.

Van Court has spoken with TechCrunch on several occasions about the challenges she has faced as a black founder, watching competitors led by white men being funded more and more often than she is. (You can watch this episode of the Found podcast to learn more about it..)

“We had to find our own way, and a way that we could own, and a way that we could own quickly,” she said, explaining the decision to start working with the banks.

“Banks are in trouble if they don’t have their own fintech product for children,” she continued. “I can either go it alone and fight this wave of people who are receiving more funding than I am going to receive. Or I can come here and partner with the banks and financial institutions that really need a great product and can use this product to help them both grow their next generation of customers while continuing to be a force in it. the neighborhoods that they are a force in. “

Louis R. Hancock