A New Solution To Digitize Allowances, Teach Financial Literacy and Provide Parents With More Control on How Children Spend Their Money
Visa debit card and app help parents automate allowances, set chores, track spending, encourage saving and foster charitable giving
NEW YORK (May 9, 2017) – With cash usage declining amongst U.S. consumers, parents are seeking smart, digital money management solutions for their children. Financial services technology firm Current today unveiled a new type of banking account to address these issues.
The Current Student Account has two primary components: A Visa-branded debit card enabling teens to swipe in stores and online; and an app-based platform available on iOS and Android that allows parents to track their children’s spending in real time, automate allowances, set chores, encourage saving, and foster charitable giving.
“Traditional banks have failed to keep pace with the realities of commerce and consumer needs, specifically for kids getting their first bank accounts,” said Stuart Sopp, Current founder and CEO. “The Current Student Account brings allowances into the digital age – providing parents and their children with ways to mutually agree on allowances, how those funds will be used, and the chores and responsibilities needed to gain access to those funds. Additionally, our Spending, Saving, and Giving Wallets provide the tools necessarily to teach financial responsibility and get kids thinking about giving back to their local communities.”
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The Current Student Account helps parents teach their kids to spend responsibly, save wisely and act charitably through three wallets:
- The Spending wallet tracks and provides real-time alerts to parents on expenditures, incorporating budgetary limits, and pre-set blocks on prohibited retailer categories.
- The Savings wallet features tools to help teens become more attuned to fiscal responsibility and to improve spending habits while adhering to pre-set savings objectives by illustrating how savings can grow beyond compound interest.
- The Giving wallet enables parents to collaborate with their kids to identify charities to support and automatically set aside monthly allocations for philanthropic contributions.
Current’s platform seamlessly connects to any domestic bank account and facilitates transactions via a host of popular social media sites and messaging services including Facebook Messenger, iMessage and Kik, among others. The Visa debit card will be issued by Metropolitan Commercial Bank, while Galileo Processing will provide card processing. In early March, Current raised $3.6 million via a seed-financing round led by Expa, Human Ventures , and Future Perfect Ventures.
ABOUT CURRENT
Current enables people to more effectively manage their money with family and friends, however they live their life. Current’s flexible, API-based platform adapts to the needs of each user, allowing people to automate payments, set spending controls, and see insights on every purchase. The company is based in New York City, and is backed by Expa, Human Ventures, and Future Perfect Ventures. For more information, visit Current.com.
