Jassby Raises $5M to Teach Kids How to Manage Their Money

by Gordon Gottsegen
March 6, 2020
Jassby App
Image: Jassby

Waltham-based fintech startup Jassby this week announced it raised $5 million from Moneta Capital and Needham Bank, as well as existing investors.

Kids are becoming spenders at an earlier age thanks to the rise of smartphones and e-commerce. So why not teach them financial responsibility earlier? Jassby’s app allows parents and grandparents to send kids money for doing chores or as allowance. The app then acts as a secure digital wallet, where users can budget, save or spend their money all within the platform’s ecosystem.

“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.” Jassby CEO Benjamin Nachman said in a statement. “We have built a cutting-edge system that allows us to partner with schools, sports clubs and businesses to create a full ecosystem for our users.”

The company has raised $10 million in total funding so far, but Nachman adds that he expects Jassby to raise another $20 million this year.

The company is raising this money in hopes of reaching one million users this year. Right now, it has about 100,000 users.

The company also plans to double its employee headcount, according to AmericanInno. This involves hiring 30 more employees across its engineering, marketing and other teams.

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