RoosterMoney, a UK-based money managing mobile app, is now seeking to raise a minimum of £2.1 million through its equity crowdfunding campaign on Crowdcube. Founded in 2015, RoosterMoney claims it transforms the way families manage pocket money.
RoosterMoney also explained that it is on a global mission to change the way millions of families talk to their children about money and help them develop financial confidence. The company’s app is notably designed to help families whatever age their kids are: from a star chart for ages 3 and up, to a virtual pocket money tracker, then ultimately to their own prepaid debit card (currently the UK only) with a focus on family-friendly controls and oversight taking them to 14 and up.
“We have a generation of kids growing up with technology in a society that is becoming increasingly cashless; Covid is accelerating this. Research shows that by the age of 7 we start to shape many of the money habits that stick with us for life, yet less than half of children say they have learnt about money in the classroom. We believe families need a dedicated solution that empowers children to engage with their money.This is a HUGE opportunity to transform pocket money and leverage technology to do this at scale.”
The company’s current model is the following:
- Free: Access to RoosterMoney’s tracker features to introduce families to the banking app, with over 30% of families who sign up taking out at least one premium subscription.
- Rooster Plus (£14.99 / $18.99 per year per family): Additional premium features, including a chore management system by feature-set on the market.
- Rooster Card (£24.99 first card, £19.99 per additional card per year): Families can upgrade their kids to a prepaid card with child friendly settings and flexible parental controls to give reassurance.
Funds from the Seedrs round will be used for the development of the RoosterMoney’s platform. The company is now offering a 20% discount through the campaign, which is set to close at the beginning of November.
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