Sydney fintech startup Spriggy raises $2.5 million to change the way parents give their children pocket money

Sydney-based pocket money management startup Spriggy has closed a $2.5 million funding round to help parents teach their children about finances and savings, after its co-founders left their corporate banking roles “to do more for their customers” than what the big banks were offering.

Co-founded in 2015 by Mario Hasanakos and Alex Badran, the mobile app allows children aged between 8-17 years to manage their pocket money with the help of their parents and is looking to capitalise on the growing consumer demand for fintech in Australia.

Since launching in November last year, the startup has seen its user base soar to 35,000, and will be using this cash injection to expand the app’s offerings and grow its consumer base even further.

“We would love to bring Spriggy to as many families as possible — 35,000 [users] is just a drop in the ocean,” Hasanakos tells StartupSmart.

The startup’s latest adds to the $300,000 raised by the startup two years ago to launch the savings app, according to Spriggy, and some of the funds will go towards hiring more staff for the startup. Read more

Angela Castles – Smart Company – 15 Aug 2017