Bringing financial literacy to Generations Z and Alpha
Moneta Capital announced today the closing of its investment in Jassby, a US-based finance app for families. Jassby offers families a service through which kids and teens can receive money from their parents and grandparents, and can then save, donate or spend, on a safe, controlled, digital platform. The app combines a digital wallet and shopping tool, helping children budget and start building good habits that connect how much they “have” to what they “want” in a secure Walled Garden.
Jassby was founded in 2017 by Benny Nachman, a serial entrepreneur who also founded Credorax, an international PSP firm licensed in 30 geographies that became a global leader in its field, transacting billions of $US annually. Benny is an expert in banking regulation and merchant banking.
The $5 Million round led by Moneta Capital and Needham Bank, which also signed a strategic cooperation with Jassby to provide FDIC-insured accounts to Jassby’s clients across 50 states in the USA. Blumberg Capital, Correlation VC, and PnP Ventures, the current investors in Jassby, participated in this round as well.
Benny adds: “Advancing financial literacy is one of our core values as well as creating a world-class platform for kids and families: one that does not rely only on plastic cards, and has no fees. We have built a cutting-edge system that allows us to partner with schools, sports clubs and businesses to create a full Eco-System for our users. I see us adding more and more layers of services to our App and we plan on raising an additional $20M later this year, to drive us closer towards 1 million users with a year.”
About the Market
With the emergence of e-commerce, huge buying power has been transferred to teenagers, and yet the banking system is lagging behind and prohibits financial operations for customers under the age of 18. With 50 million teenagers in the US spending directly or indirectly nearly $300 billion a year, the need for teens’ financial systems is clear. In the same time, a significant percentage of 20 – 24 year-old students in the US are declaring bankruptcy, almost 50% of all high school students failing a test in money management given by the government-sponsored Jump$tart, and fewer than 10% understand basic credit card concepts such as how banks calculate interest rates and what an APR [annual percentage rate] is.
Financial literacy in the US is more important than ever before. So that younger kids can be financially responsible and independent, and so that parents can have peace of mind, kids and teens should run their own account, while enjoying a safe, controlled and fun way of using it.
About Moneta VC
Moneta Venture Capital is managing 2 parallel funds: an early stage fund – Moneta Seeds, and a revenue stage fund – Moneta Capital. Moneta focuses on AI, Fintech and Insuretech and its portfolio companies are integrated in the world’s largest Banks, Financial institutions and Insurance firms. Moneta’s main added value consists of its Strategic Partnerships with world leading Banks and Insurance firms who are co-investing with Moneta and support its portfolio as design partners and clients.