WALTHAM, Mass., March 5, 2020 /PRNewswire/ -- Jassby, Inc. the fintech company that created the Family Finance App, announced today it has raised $5 Million from Moneta Capital and Needham Bank and from its existing investors such as Blumberg Capital, Correlation VC and PnP Ventures. This financing brings the total amount raised by Jassby to $10 Million.
The investment will fuel continued growth and accelerate the company's development roadmap, just as it crossed 100,000 users.
Jassby offers families a service through which kids can receive money from their parents and grandparents, and can then save, donate or spend, all on a safe, controlled and fully digital platform.
Combining a digital wallet and shopping app, Jassby provides kids with everything they need in order to be financially independent and start building good habits that connect how much they "have" to what they "want" all in a secure Walled Garden.
"Gen Z'ers become earners – and consumers – at a much younger age than their parents did. With vast smartphone penetration and the rise of e-commerce websites, for teens, shopping has become much easier and more accessible than ever before. Consequently, a US teenager spends an estimated $2,600 per year, while influencing another $5,000," says Adoram Gaash, Managing Partner at Moneta VC. "Jassby has created a holistic digital financial ecosystem for kids, teens and their parents, which deals with the real issue of financial illiteracy, and lets kids use financial services in a very smart way."
"Advancing financial literacy is one of our core values," said Benjamin Nachman, Jassby's CEO, "as well as creating a world-class platform for kids and families: one that does not rely only on plastic cards, and has no fees. We have built a cutting-edge system that allows us to partner with schools, sports clubs and businesses to create a full Eco-System for our users. I see us adding more and more layers of services to our App and we plan on raising an additional $20M later this year, to drive us closer towards 1 million users with a year," Nachman added.
Jassby has partnered with Needham Bank, member FDIC.
The app is available for iOS devices, through the Apple Store or as a web app at www.Jassby.com.