Challenger bank for families launched in the UK

Strive is initially rolling out in the UK

kids bank

Challenger bank for families launched in the UK. Source: news.strivebanking.com

Strive has launched following the acquisition of a popular digital piggy bank company GoSave in an all-stock deal.

It is currently taking expressions of interest ahead of their Seedrs crowdfunding campaign in a few months, that will take the team toward their first 10,000 families.

We’ve been working with GoSave for a period of time now with some of our clients, and the idea of a youth-focused challenger bank kept coming up. We see a real gap in the market to build a solution for parents that grows with the child, so it’s not just a debit card, it’s a whole 0-18 proposition that parents can start at any age
Ivan Muck, Strive CSO

The report states that the need for easy solutions to teach kids about money and engage their parents in the process has never been greater. This need has been sped up by the pandemic and the rise of cashless society.

According to data, families represent 84% of UK households. Among them, 97% say teaching kids about money is hard, and a majority of parents found homeschooling challenging during the pandemic.

Strive offers a low-cost savings account, interactive digital piggy banks, a customizable debit card. It also provides a marketplace with proposals from a range of toy, educational, and edtech brands rewarding kids for hitting their saving goals. It also has a white label solution that lets banks in other parts of the world build similar solutions.

We’ve reported that 9 in 10 British parents are actively encouraging their children to save pocket money. Meanwhile, 87% say they keep a close eye on what their kids are spending their money on.

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