NAB Ventures, Grok Ventures and Perennial Value Management have all backed children-focused fintech Spriggy in a $35 million Series B round.
Spriggy is a mobile app fitted out with a prepaid card for digital ‘pocket money’ that aims to help children learn the concepts of digital money and financial responsibility.
NAB’s innovation and investment arm said its financial support of the Sydney-based fintech follows its commitment to providing parents with financial education tools to help teach their children.
NAB Ventures executive Todd Forest will join Spriggy’s board of directors.
Through the investment, NAB and Spriggy aim to broaden the fintech's market to “help raise a generation of financially healthy young Australians, fit for a cashless future”
“We know how much parents love the Spriggy app and the financial confidence it builds in their children,” NAB group executive personal banking Rachel Slade said.
“We are looking forward to working with Spriggy to develop new features that help families further build that confidence.”
Spriggy successfully raised $12 million in Series A funding led by Grok Ventures in 2019.
Grok Ventures CEO Jeremy Kwong-Law said Spriggy has “done a great job scaling” the pocket money app to over 500,000 customers.
“I’m excited for Spriggy to leverage that knowledge to build more wonderful products for Aussie families," Kwong-Law said.
Perennial Value Management’s head of smaller companies and microcaps Andrew Smith said “it has been great” seeing his own family use the Spriggy app and “learn some valuable lessons and healthy habits when it comes to managing money”.