U.K. bank NatWest acquired children’s allowance-tracking app RoosterMoney this week. Financial terms of the deal are undisclosed.
NatWest plans to integrate RoosterMoney’s Star Chart, Virtual Money Tracker, and Chore Manager into its own offerings in order to provide tools for families and children to learn to manage their allowance money and other funds.
“We want NatWest to be the easiest and most useful bank for families and young people,” said Head of Youth, Retail Banking at NatWest Group Simon Watson. “We know that the world of money is changing, and we want to help parents, carers, and young people feel confident and capable – Rooster helps us do just that.”
Rooster was founded in 2016 and helps its 130,000 U.K. users to learn the basics about money– earning, spending, saving, and giving. In addition to a digital chore chart, RoosterMoney offers a debit card that pairs with the app to offer parental control such as turning the card on and off, blocking certain merchants, and real-time spending notifications.
“At RoosterMoney we believe that if you build financial capability early on, you’re better prepared to take on the challenges that life throws at you,” said RoosterMoney CEO Will Carmichael. “That’s totally aligned with the bank’s purpose and we’re very excited about working together to help more parents and kids to build their financial confidence.”
NatWet said that it will allow RoosterMoney’s existing customers to continue to use the app as usual.
This isn’t NatWest’s first entrance into the youth banking products market. The bank has offered its MoneySense financial education program, that targets kids ages five to 18, for 25 years. Additionally, NatWest recently launched HouseMate, a bill-splitting app for renters, and Island Saver, a game to help young customers learn about money management.
Photo by pan xiaozhen on Unsplash
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