MONETA invests in Jassby
Fully digital financial ecosystem for teenagers and their families
Tel Aviv, Israel, April 10th , 2018 /– News release by Moneta Seeds Ltd.
Moneta Seeds announced today the closing of its investment in Jassby, a Fintech startup, that has developed a comprehensive financial platform for teenagers and their families.
Located in the Greater Boston area, MA, USA; Jassby is led by Benjamin Nachman, who has previously founded and managed Credorax – a world-leading on-line payment platform that is clearing Billions of $US transactions every year, using its sophisticated worldwide network.
Jassby offering will be based on a holistic mobile money management solution that is fully digital – no cards involved. The need for such a system arises, as in the US only, about 50M teens and young adults are spending some $200B every year using their parents’ Bank and Credit/Debit Cards accounts. Jassby will be the first of a kind “cardless” banking ecosystem for Teenagers and young adults. Teens will own their own “bank account” which is seamlessly linked to their parents’ accounts.
About the Market: According to recent research that analyzes the buying habits of teens, the 50 million U.S. based teens (10-19) have a significant say about what their parents buy for them in stores, and even more so, with regard to on-line purchases which they make by themselves. They have a sizable amount of money in their own pockets to spend which is estimated at about $200 billion. With on-line commerce becoming the de-facto purchasing method, and with Apple-Pay (note that 82% of teens are using an Iphone) allowing to spend money seamlessly, the need for financial ecosystem that will manage the financial activity and maintain safety and control while keeping the joy of use, is inevitable.
As part of the investment, Moneta manager – Adoram Gaash, has joined the Board as a Director.
About Moneta VC
Moneta is a Venture Capital firm that is managing 2 funds: an early stage VC – Moneta Seeds, and an expansion stage VC – Moneta Capital. Moneta focuses on the emerging Data Science space, specializing in Banking, Financial Services & Insurance (BFSI) technology, also known as Fintech. Moneta’s added value is manifested by its abilty to tie its ecosystem that is based on Strategic Partnerships with world leading Banks and Insurance firms who are co-investing with Moneta and support its portfolio.
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SOURCE – Moneta