Mobile Money Solution For Teens
Teenagers in the U.S. bring in $91 billion in annual income.
But unlike past generations, these kids aren’t keeping their earnings in wallets or jars on the dresser. As CNN noted last year, “Forget piggy banks. Kids are using mobile apps for pocket money.”
Jassby is capitalizing on this trend with its mobile money app and virtual debit card. With Jassby, kids spend money the way they prefer to do everything these days — on their phones. Parents, meanwhile, can teach their kids financial literacy, and even share money with them through the platform.
Essentially, Jassby provides a financial wellness platform for families to start thinking about, and working with, money as early as possible.
Jassby is backed by multiple venture capitalists, and has a co-branding agreement with Mastercard for its no-fee virtual debit card. Its advisory team includes the former assistant general counsel of the Board of Governors of the Federal Reserve System.
Recently, similar financial platforms have achieved notable success:
Greenlight Technology, which helps parents teach children how to save money, raised capital at a $1.2 billion valuation earlier this year. And Step, which builds mobile-based banking services for teenagers, raised $22 million in a funding round in 2019. This round was led by Stripe, a financial services company recently valued at $36 billion.
Jassby is different than other platforms. Unlike its competitors, Jassby is a mobile app first, not a debit card that has an accompanying app.
The platform includes the following features:
• Mobile Wallet — 3 different accounts including Spend (money kids can spend); Save (savings account); and Share (savings account for charitable donations).
• Mobile Payments — Kids can make purchases online or anywhere Apple Pay is accepted.
• Savings Goals and Planning — Kids can plan for future purchases, and set savings and fundraising goals.
• Chores and Allowance — Parents can create a list of chores and set weekly allowances for their kids.
• Mobile Commerce — Through the Jassby Mall, kids can shop for thousands of products from brands including Apple, Nintendo, Starbucks, Nike, and more.
Furthermore, Jassby provides parents with a financial wellness score. Based on a proprietary ranking system, this score alerts parents to their kids’ habits and provides tips to help them make decisions and learn about money.
Jassby generates revenue by taking a percentage of each sale made in the Jassby Mall. It also earns a 1.5% commission from merchants for any purchase made with the virtual debit card.
Since launching in 2019, Jassby has achieved 400,000 installs and signed up 150,000 registered users. It has a partnership with Needham Bank, which enables the company to provide a banking-as-a-service feature. When a user turns 18, the app will prompt them to open a checking account and a credit card.
Steve has more than 25 years of experience in financial roles. His expertise ranges from accounting to investments to risk management.
Prior to joining Jassby, he was a consultant with Beaver Brook Consulting, a financial management company. Before that, he was Chief Financial Officer for PI Worldwide, a software-as-a-service company providing hiring assessment tools.
Earlier, he spent 15 years with REZ-1, a software development company, serving as Vice President of Finance and Operations. He began his career with Epsilon, a marketing and advertising company.
Steve earned a Bachelor’s degree in Business Administration from the University of Massachusetts Lowell and an MBA from Bentley University.
Benny is a serial entrepreneur with extensive experience in the financial services industry.
Prior to starting Jassby, he spent 12 years as Founder and CEO of Credorax, a global e-commerce payment provider. Before that, he was a partner at Reifenberg, Eckistein, Nachman & Co. Law Offices.
Benny began his career as Founder of Test-Wiz, an educational startup developing software to help students prepare for standardized tests.
He earned a Law degree from Tel Aviv University.
David joined Jassby with 20 years of sales and marketing experience.
Most recently, he held a senior marketing role with Amazon, where he led efforts for the company’s “smart” home security product, Blink. Before that, he was Vice President of Marketing for Fuze, a computer software company.
Prior to that, he was Vice President of Product and Marketing for Dassault Systems, a digital publishing platform for the 3D industry. Before that, he was Director of Product and Marketing for Gotuit Media, a computer software company.
David earned a Bachelor’s degree in Marketing from the University of Massachusetts at Lowell.
Greg has 20 years of experience driving revenue in small and large companies. He has managed teams as big as 140 and controlled budgets of more than $50 million.
Most notably, he spent 15 years with Monster, a job services website, where he served as a regional sales manager and then Director of Sales. More recently, he was Vice President of Sales for Sullivan and Cogliano, an IT services company, and Director of Sales for Medicus Healthcare Solutions, a company creating scheduled management services for hospitals.
Greg studied Communications at Salem State University.
Jim has 20 years of software engineering experience.
He began his career as Vice President of Information Technology with SPSS, a software development company. From there, he was Vice President of Applications Development with Wright Express, a financial services company.
He then spent 10 years with REZ-1, a software development company, where he served as Chief Technology Officer. Most recently, he was Vice President of Commercialization with Tego, an industrial automation company.
Jim holds a Bachelor’s degree in Computer Information Systems and an MBA from Bentley College.
Early-stage venture firm that specializes in technology companies in the software, digital and social media, mobile and consumer Internet industries. Its investments include HootSuite, Nutanix, and Check Point.
$165 million venture fund. Portfolio includes Say Media, Sidecar, and PowerInbox.
A venture capital firm that invests in early-stage technology and healthcare businesses.