Jassby, a family finance app, has closed a $5 million fundraise and announced that it surpassed 100,000 users. The money came from Moneta Capital and Needham Bank as well as existing backers such as Blumberg Capital, Correlation VC and PnP Ventures.
Combining a digital wallet and shopping app, Jassby has created a digital financial ecosystem for children, teens and their parents. The platform provides children with access to money given to them by their parents or grandparents, promoting financial flexibility but within a controlled and secure environment.
“Gen Z’ers become earners – and consumers – at a much younger age than their parents did,” said Moneta VC’s managing partner Adoram Gaash.
“With vast smartphone penetration and the rise of e-commerce websites, for teens, shopping has become much easier and more accessible than ever before. Consequently, a US teenager spends an estimated $2,600 per year, while influencing another $5,000.”
The latest funding round brings the total amount raised by Jassby to $10 million. The investment will fuel continued growth and accelerate the company’s development roadmap.
In the press release announcing its fundraise, Jassby said it provides kids with “everything they need” to be financially independent and start building good habits that connect how much they “have” to what they “want”.
“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,” said CEO Benjamin Nachman.
“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.”