US financial literacy app Jassby plans virtual debit card for kids
Massachusetts-based financial literacy app, Jassby, is set to add contactless payments to its list of family-focused features.
The app, first founded in 2017, provides a virtual debit card for young adults and teenagers. The account is connected to a parent, who can manage their child’s spending.
Currently users are only able to spend their funds in a Jassby-hosted online store. With the launch of a virtual card the fintech hopes to expand this to the wider world.
Jassby’s services are underpinned by Ohio-based Sutton Bank, through which it will issue its prospective virtual card in November.
The card will offer no fees for the first six months of use. The fee-free plan stays active as long as a user makes at least one purchase per month. If they don’t Jassby levies a $2.99 charge.
Parents can apply for the card and select which of their children will have access to it through their mobile app. They can switch the card on or off at will.
Jassby’s founder and CEO, Benjamin Nachman, founded e-commerce and payments processor Credoraz. He remains chairman of the board.
The firm raised $5 million in a venture round earlier this year. Its existing backers include Blumberg Capital, Correlation Ventures, and Needham Bank.