Friday, 12 June 2015

New App, PennyOwl, Helps Parents Raise Money Smart Kids

Following their $1.3million seed round earlier this month PennyOwl has today launched its new office and platform in the US.

From today, the children’s allowance app PennyOwl, is available to download free from the App Store and Google Play.

PennyOwl is an educational allowance app that helps parents start the money conversation with their kids.

Designed for families, the app provides a safe and secure real money environment, where kids are encouraged to make smart decisions with their money and learn through action. While giving parents full visibility of their child’s saving and spending activity.

Once downloaded, parents can quickly set up an account for each of their kids, set controls and add a regular allowance amount.

PennyOwl takes it from there; encouraging regular saving, developing financial skills and providing a “walled garden” store where kids can only buy age-appropriate products within limits set by the parent.

Speaking at PennyOwl’s new New York office Seamus Matthews, Irish CEO and founder of PennyOwl commented, “This app has been designed to positively impact the lives of families everywhere and I am hugely proud of what we continue to accomplish.”

PennyOwl first came to the attention of Silicon Valley Bank and MasterCard when it participated in the ‘Commerce.Innovated.’ Accelerator Program.

“As children become more familiar with mobile technologies there is the opportunity to redefine how they learn to engage with money. PennyOwl is making this happen now in a thoughtful way and has the potential to create a fun, safe and secure way for kids to learn about smart spending, saving and donating.” Reetika Grewal, Head of Payments Strategy and Solutions for Silicon Valley Bank.

Stephane Wyper, VP of MasterCard Start Path had this comment; “PennyOwl, which was among the first companies in our Commerce.Innovated program, is a great example of passionate entrepreneurs seeking to solve a problem that is all too familiar to families with young children”.