One company is working to get kids hooked on debit cards early in life. Current is launching a debit card with parental controls, a savings option and a charitable giving component. The account and payment capabilities are based on a white label product provided by Dwolla. TechCrunch reported:
Current lets parents sign up for an account online and put in their kid’s information. They then get a debit card for their child that is funded exclusively from the parents’ bank account, and is accepted anywhere VISA is accepted.
This lets parents allocate allowance straight from their bank account, and also lets kids learn about financial responsibility with the payment method they’re likely to use as an adult, a credit card.
Current makes money by charging parents a subscription fee of $3/month per kid.
Current recently secured a round of funding to launch their new product:
Current just closed a $3.6 million seed round led by Expa and Human Ventures, with participation from Future Perfect Ventures and others.
Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group
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