Back-to-school: Fintech for kids & teens
Schools are reopening, but one thing still lagging behind in the curriculum is financial education as two-thirds of the global population is financially illiterate. However, closing the financial illiteracy gap can be improved with the help of dedicated fintech educated-focused startups.
Children as young as 3 years old can grasp the basic idea of money and by 7 their money habits are already set. Without formal education fulling its role, the weight of delivering financial education rests on the individual and their family.
A trend we’re seeing is an increasing number of fintech startups addressing this gap. Although, financial education solutions targeting kids and teens are usually integrated as a feature rather than a standalone product, and are often offered as an extension by challenger banks.
More and more players, however, are emerging focused exclusively in the fintech education segment, and have attracted almost $1.2B in funding since 2019 across 100+ rounds. So far this year, the VC activity in the segment has slowed down significantly, only $297M has been raised across 10 rounds.
Although this space is a niche, there are some market leaders, including Greenlight in the US and GoHenry in the UK. Additionally, we’re starting to see consolidations. Last month GoHenry, the leading UK startup, powered its European expansion by acquiring French peer PixPay.
Discover 50+ financial education startups for kids and teens on Dealroom.
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