A New York-based Fintech start-up; named Current is launching a new way for parents to provide their kids the needed monthly allowances. The start-up is offering a Visa debit card, through which Teenagers of US can shop online or offline, by using the funds from their own bank account, which is funded by their parents. That’s not all, parents can use a mobile app that can be installed both on Android and iOS, through which they can track the spending and encourage saving, which will eventually help kids to learn money management.
As per Current founder Stuart Sopp, “I worked on Wall Street for seventeen years as a trader and manager, now as a father, I wanted to build something with financial discipline that would help my daughter.” He also added that “this is a massive opportunity to do the right thing for this younger generation.”
Sopp also says that around 17 million teenagers who hail from the US lack a digital payment solution. So, Current is now working with the Metropolitan Commercial Bank and aims to target at least 2 million teenagers. During the first 18 months of operation, the company will charge anywhere from $2 to $3 per month depending on the chosen plan. A user can also opt for a monthly plan which is available at $5/month.
Current also works with Facebook, Kik, iMessage and other messaging platforms that let the users check the account balance, transactions and gain insights to the spending habits. All these together make Current a very versatile system to use.
However, for now, Current is only available in the US but the start-up is trying hard to make its presence felt in countries like Canada, Australia, New Zealand, UK and Germany and for that Current is now talking with the banks of these countries.