Woli, an Athens-based start-up, based itself again in Might to create a digital banking providing for households. It goals to launch within the first quarter of 2021, co-founder Vasilis Zoupas tells FinTech Futures.
The pay as you go card and cellular app will enable dad and mom to automate digital funds of pocket cash or pay their kids immediately.
Not dissimilar from different child-focused banking apps, Woli may even ship prompt notifications to folks on children’ spending. Guardians also can swap the cardboard on or off in the event that they wish to prohibit spending.
However Woli’s aspirations stretch past banking. It envisions rolling out non-financial household companies, similar to a household chat operate, and a calendar characteristic.
“Ultimately making a much-needed house for households to organise their life in a greater method,” the fintech says on its LinkedIn web page.
Co-founder Zoupas, the one listed worker on LinkedIn at current, additionally works at OKO – a fellow Athens-based firm which gives digital cost options.
Beforehand, he spent years engaged on product at Vermanti – a content material supplier for betting and playing operators. He additionally spent lower than a 12 months at Viva Pockets, the fintech which purchased Greece’s first challenger financial institution Praxia earlier this 12 months.
FinTech Futures approached Zoupas for extra particulars. He says “4 serial entrepreneurs out of Athens” are behind Woli, together with himself. Its intention is to launch on a pan-European degree.
He’s additionally engaged on partnerships with e-money establishments, in addition to funds and Banking-as-a-Service (BaaS) suppliers.
“We now have some nice banking companions [BaaS], however all cellular app expertise is completed by us domestically,” says Zoupas.
Child banking sector
Try can be taking a household unit method over within the UK. Focusing 0-18-year-olds, it permits households to open accounts for his or her kids as quickly as they’re born.
“We see an actual hole available in the market to construct an answer for fogeys that grows with the kid,” Try’s chief technique officer (CSO) and founder, Ivan Muck, stated final month.
“So, it’s not only a debit card, it’s a complete 0-18 [year old] proposition that folks can begin at any age.”
On the finish of July, UK fintech Beanstalk launched its Junior ISAs (JISAs). Dad and mom with simply £5 to take a position on behalf of their kids can join.
The launch marked a major shift in competitors for the junior banking market. As many digital challengers are nonetheless unable to supply a product as advanced as a JISA.
Learn subsequent: UK challenger Strive launches waitlist for family-focused account