Jassby, Inc., a U.S.-based family finance mobile app startup, announced on Thursday it raised $5 Million through its latest investment round, which was led by Moneta Capital and Needham Bank with participation from its existing investors such as Blumberg Capital, Correlation VC, and PnP Ventures. The funding brings the total amount raised by the company to $10 million.
Founded in 2017, Jassby stated it has developed the “next big payment system” that offers families a service through which kids may receive money from their parents and grandparents and may then save, donate, or spend all on a safe, controlled and fully digital platform.
“Combining a digital wallet and shopping app, Jassby provides kids with everything they need in order to be financially independent and start building good habits that connect how much they “have” to what they “want” all in a secure Walled Garden.”
Speaking about the investment, Adoram Gaash, Managing Partner at Moneta VC, stated:
“Gen Z’ers become earners – and consumers – at a much younger age than their parents did. 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. Jassby has created a holistic digital financial ecosystem for kids, teens and their parents, which deals with the real issue of financial illiteracy, and lets kids use financial services in a very smart way.”
Benjamin Nachman, Jassby’s CEO, further added:
“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.”