Digital banks race to capture the next generation
While traditional banks have long offered basic savings accounts to children, fintechs say they have spotted an opportunity to offer better, slicker apps to tech-savvy kids and teenagers, who they say have been under-served, Anna Irrera and Iain Withers write for Reuters.
Starling’s Kite card allows parents to transfer money to their children’s account, set spending limits and receive notifications of their purchases. It rivals similar products from gohenry and Monzo in Britain while in the U.S. fintechs Greenlight, Step and Copper are trying to capture the youth market.
JPMorgan Chase & Co JPM.N also recently entered the space, introducing a children’s account in partnership with Greenlight.