Online Financial Services Platform Tykoon Launches for Families
Online and mobile platform teaches kids financial values based on real money and real-life experiences
Apr 18, 2012, 10:00 ET
NEW YORK, April 18, 2012 /PRNewswire/ -- In today's world, it is essential to ensure that children develop strong financial values. Tykoon, an online financial services platform that empowers parents to teach their children the necessary values of earning, saving, giving and responsible spending, can help parents achieve these goals in a way that's fun and engaging for kids. Today, Tykoon is launching its public beta version through a newly designed web platform. The iPhone app will be available shortly.
"We've enjoyed collaborating with parents and their children in our private beta to create this innovative digital platform, and are excited to open Tykoon to the public," said Doug Lebda, Chairman of Tykoon.
"Our private beta was instrumental in building this next version and enabled us to develop new technology and product that will help meet the needs of parents and kids. We will continue working closely with our users to improve our platform and help families instill these important financial values in their children," said Mark Bruinooge, CEO of Tykoon.
Parents and their kids use Tykoon to set real financial goals, track progress, and earn rewards for hard work in a virtual environment that is easy to navigate and understand. Kids actively use the platform to track and view their progress and learn through real financial experiences. The tool helps parents stay organized and is customized based on each family's financial values and practices. Through partnerships with Amazon.com and charity affiliates, kids can shop online and donate to charities in a safe environment with controls set by parents.
During Tykoon's private beta, on average, families allowed kids to spend 60 percent, save 25 percent, and donate 15 percent of the money they earned. To date on Tykoon, boys are shopping and buying more than girls, making up 60 percent of the Amazon.com orders, and girls are donating more, contributing to 66 percent of the charitable donations. Additionally, 40 percent of kids in the private beta made at least one purchase and averaged 1.25 donation requests. Tykoon anticipates online shopping and donation transactions to increase with the new design and added features.
"One of the greatest gifts parents can teach their children is financial responsibility. Tykoon is the perfect technology and social media tool that appeals to both my child and me. We love that our daughter is learning the importance of why her allowance is split into three buckets - spend, save, give," said Kristen, one of the private beta participants.
The new release provides users with more robust functionality and a better experience. It incorporates a new design influenced by beta families, including kids, who contributed feedback while using the site. The iOS app will be available through the Apple App Store on iOS devices (iPhone, iPod Touch) and features enhanced mobile features, such as the 'Spotted' tool. This feature allows kids to capture items they like and want on the go, and work towards purchasing those items by completing tasks and earning money. Families can download the app through the iTunes App Store.
To join Tykoon or for more information, please visit http://tykoon.com/.
Tykoon is a new social financial services platform for families where kids can earn, save, give and spend real money. Tykoon helps parents teach their kids money management skills and instill strong financial values. The program is customizable to each individual family's financial values and the virtual environment is safe, secure and private. Kids can earn money through jobs, chores, and gifts; save based on personal and family goals; spend in a safe environment powered by Amazon.com; and give directly to charities through Network for Good. For more information, please visit http://tykoon.com and learn how Tykoon is creating a money smart world one kid at a time.
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