Pennyowl

wealthtech-retailpersonal finance management

FOUNDING YEAR: 2012
LOCATION: United States
Last Update: 01/05/2020

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About

PennyOwl is defining the future of financial education. It is inspiring kids to develop good financial habits from a younger age, and has been voted the #1 Education App for Kids 2017 and the Best Education App Summer 2017. The B2B SaaS subscription model empowers socially responsible brands to promote financial education among families - customers, staff, and schools. PennyOwl is New York based and has accelerated its progress with support from Google, MasterCard, Silicon Valley Bank, Common Sense Media and StartUp Next (acquired by TechStars).The PennyOwl Allowance app uniquely blends experiential learning with age-appropriate education content. Parents use the app to track and manage allowances while kids save money automatically, money they receive from parents and extended family. Kids get the opportunity to develop new life skills - learn about money, save and spend responsibly, give to charity - and this has positive implications for their financial health and wellbeing, numeracy skills, entrepreneurship, and ambitions for the future. PennyOwl is the top-rated U.S. allowance app (android), COPPA Compliant, "kidSAFE" and PCI-DSS Level 1 certified.

MEDICI Analysis

PennyOwl is money management app that allows young children to manage money and develop financial skills, while providing parents/guardians with control and transparency. PennyOwl creates a suite of tools that help parents start the money conversation with their children. Kids have a safe space to get real-world experience with saving and spending money and that helps to develop good financial habits.It provides online store within the app where they can buy games, books, and toys that are all age-appropriate.

Focus

PRODUCTS & SERVICES

Money management app- Allowance management , decision making and financial skills awareness The app helps children to learn good financial habits for their future.

REVENUE MODEL

Company offers free services for basic version. Planning to launch premimum based services to the users.

MAIN CLIENTS

Retail childrens & parents

COMMENT

PennyOwl's allowance tracker enables parents to set an allowance for their kids and pay it weekly, kids can track what they've earned and shop for curated items from the virtual storefront. In the settings, parents can restrict the age-range maturity for the store items that kids see.

Traction

VALUATION / MARKET CAP:

$8.67 M in 2015

People

FOUNDERS

Seamus Matthews

BOARD MEMBERS AND ADVISORS

Michael Scharff

NUMBER OF EMPLOYEES

1-10

INVESTORS:

Enterprise Ireland

Richard Fontaine

Silicon Valley Bank

Momentum

FUNDED

NO

TOTAL FUNDING

$1.3 M

DATE OF LAST FUNDING

May 2015

SEED & PRIOR FUNDING

$1.3 M

SEED CLOSED ON

Jun 2015

LISTED

NO

Innovation Programs

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