Agora Services launches white label teen account for Finastra
Agora Services, a Georgia-based start-up branding itself “the fintech enabler for banks”, has launched a white label teen account in Finastra’s FusionStore to help banks compete with the likes of Revolut Junior.
The app, called ‘Agora Junior’, is currently being integrated with Finastra’s open APIs. It will allow banks to offer a solution for parents to pre-open a teen bank account on behalf of their children in “one minute”.
Working much like Revolut Junior, the app allows parents to receive notifications when their child spends money, and offers security settings which control how a card is used – for example, setting thresholds at ATMs, for online transactions or points of sale.
Banks which use Finastra include Commonwealth Bank of Australia, BNP Paribas, and United Arab Bank. The core banking provider says it serves 90 of the world’s top 100 banks, and pumps $1.9 billion in revenues.
Agora’s CEO and founder Arcady Lapiro tells FinTech Futuresthat the app launch is “related to” the Revolut Junior launch in the UK, and HSBC’s teen digital wallet PayMe which launched in Hong Kong on Thursday.
“Now more than ever, it is vital for community banks and credit unions to be able to provide innovative offerings that meet the unique needs of customers and reach out to younger clients that are attracted by peer-to-peer (P2P) offerings,” says Lapiro.
The fintech landed $2 million in funding in March. The start-up said the round was “driven mostly from its founders”.
The Independent Community Bankers of America (ICBA) was an early investor in the firm through its ThinkTech programme, and Agora is also a graduate from MasterCard’s ‘Start Path FinTech’ programme.