Finnest

wealthtech-retailpersonal finance management

FOUNDING YEAR: 2016
LOCATION: United States
Last Update: 19/01/2021

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive WhatsApp community where you can engage in discussions with global industry experts!

About

Finnest is a mobile based education platform that a allows parents to teach their kids best money skills. Finnest combines a secured debit card account with top in class parental control and behavior affecting components to effectively teach kids between 8-18 earning, saving, spending and investing money.

MEDICI Analysis

Finnest is a mobile based education platform that a allows parents to teach their kids best money skills. Finnest combines a secured debit card account with top in class parental control and behavior affecting components to effectively teach kids between 8-18 earning, saving, spending and investing money.

Focus

PRODUCTS & SERVICES

Finnest is a mobile banking application and secured debit card that helps school kids between 8-18 to experience the world of digital money by letting them participate in it. Learning how to handle money is an experimental process rather than a tutorial one and Finnest provides this “learning by doing” training by guiding kids and their parents with the app as they earn, save and responsibly spend money. At its core Finnest uses behavior affecting components to incentivize and educate users.

REVENUE MODEL

5$ per family/month, Interchange Revenue, Licensing

PRIMARY PROBLEM SOLVED

Kids in the US are growing up being far removed from the whole process of handling money. Parents are using more and more plastic money while their kids are stuck with using cash. However, parents want their kids to become financially responsible and let them participate in the same world of digital money they are in but cannot find the right tool. Participating in the world of digital money is the first step to understand how digital money works. Learning how to handle money is an experimental process rather than a tutorial one. Finnest provides this “learning by doing” training by guiding kids and their parents with an app and debit card as they earn, save and responsibly spend money.

INTELLECTUAL PROPERTY

Patent(s) NOT_FILED

Traction

COMPANY TYPE:

For Profit

REVENUE COMMENT:

We believe that we found a strong and profitable channel to expedite growth

ACTIVE USERS:

20 Million in 2017

ACTIVE USERS COMMENT:

Growth is limited to 20 people currently due to card set up. Primary goal is to test the values and functions of Finnest with all members in our target age group.

company provided insights
Web Traffic

Web Traffic

MONTHLY VISITS

17

AVERAGE VISITS (6 MONTHS)

135.39

MONTHLY VISITS GROWTH

-96.55%

VISIT DURATION

---

VISIT DURATION GROWTH

---

PAGE VIEWS VISIT

1

PAGE VIEWS VISIT GROWTH

-55.38%

BOUNCE RATE

100%

BOUNCE RATE GROWTH

54.64%

GLOBAL TRAFFIC RANK

27,075,696

MONTHLY RANK CHANGE

14,357,035

MONTHLY RANK GROWTH

112.88%

Join the exclusive global FinTech community

Be a part of the global FinTech community on WhatsApp

Finnest

About

Finnest is a mobile based education platform that a allows parents to teach their kids best money skills. Finnest combines a secured debit card account with top in class parental control and behavior affecting components to effectively teach kids between 8-18 earning, saving, spending and investing money.

Focus

PRODUCTS & SERVICES

Finnest is a mobile banking application and secured debit card that helps school kids between 8-18 to experience the world of digital money by letting them participate in it. Learning how to handle money is an experimental process rather than a tutorial one and Finnest provides this “learning by doing” training by guiding kids and their parents with the app as they earn, save and responsibly spend money. At its core Finnest uses behavior affecting components to incentivize and educate users.

REVENUE MODEL

5$ per family/month, Interchange Revenue, Licensing

TOP PROBLEM SOLVED

Kids in the US are growing up being far removed from the whole process of handling money. Parents are using more and more plastic money while their kids are stuck with using cash. However, parents want their kids to become financially responsible and let them participate in the same world of digital money they are in but cannot find the right tool. Participating in the world of digital money is the first step to understand how digital money works. Learning how to handle money is an experimental process rather than a tutorial one. Finnest provides this “learning by doing” training by guiding kids and their parents with an app and debit card as they earn, save and responsibly spend money.

PRODUCT DEVELOPMENT STAGE

MVP

PRODUCT DEVELOPMENT COMMENT

Finished App development Received banking approval Running a MVP with card users between 8-17 years old Ready to launch

KEY DIFFERENTIATORS

Finnest focuses on behavior and attitude chance by implementing real education rather than focusing on spending. We are working with the council for economic education to develop a compelling expertly designed concept.

PRIMARY CUSTOMER TYPE

Enterprise - Banks or Financial Institutions

Enterprise - Others

Consumer

PRODUCT ATTRIBUTES

White label

Customer facing

Traction

REVENUE COMMENT:

We believe that we found a strong and profitable channel to expedite growth

ACTIVE USERS COMMENT:

We have over built a significant waitlist, partnered with several schools and have closed our first licensing deal with a financial service provider validating our B2B acquisition.

LIVE USERS/TRANSACTIONS:

Yes, in trial/pilot

CHANNEL STATUS

INITIAL CLIENTS

People

NUMBER OF EMPLOYEES

1-10

TEAM COMMENT:

Strong team of passionate,energetic entrepreneurs former bankers,engineers plus a fantastic advisory board covering a former SVP Marketing at Fidelity, the SVP of Prepaid at BoA, a software development expert,another industry expert in the Payment service industry.

Momentum

FUNDED

YES

FUNDING COMPLETED

NO

LISTED

NO