#FinancialInclusion #PFM / Mozper lands $3.55m to launch kid debit card in Mexico

Mozper, a debit card for kids and parents, has launched in Mexico following a $3.55 million seed raise… In August, Mozper – with the help of partner Visa – launched its closed beta with 500 families…

Like many of its international competitors – goHenry, Greenlight, and Step who have also raised capital in recent months – Mozper intends
to digitise pocket money.

A sector gaining traction
As well as familiar names Greenlight and goHenry, there has been a host of newcomers entering the kid banking space.

Strive launched in the UK last month, Woli is gearing up for a 2021 launch in Greece, and Revolut launched its Revolut Junior account earlier this year – also in the UK… Other names which cropped up last year include French-based Pixpay and Kard, as well as Spanish-based Mitto.

It has also seen fintech-as-a-service platforms like Agora Services launch white-labelled kids accounts to help banks compete with the start-up disruption… [Finastra] launched Agora’s white-label teen account on its marketplace in May.

Banks which have launched their own teen and child banking offerings include Société Générale and its Banxup account, and HSBC which launched an e-wallet for teens in Hong Kong called PayMe.