A new challenger bank has arrived with a focus on families and to help children learn how to manage their money before reaching adulthood.
Strive has been unveiled on the back of an acquisition of digital piggy bank company GoSave in an all stock deal by ff. next. With the acquisition, and alongside its family savings account, Strive will offer interactive digital piggy banks, a customisable debit card, and a marketplace with offers from toy, educational, and edtech brands.
The startup also has a white label solution to enable banks in other parts of the world to build similar solutions.
“We’ve been working with GoSave for a period of time now with some of our clients, and the idea of a youth focused challenger bank kept coming up,” said Ivan Muck, Chief Strategy Officer at Strive. “We see a real gap in the market to build a solution for parents that grows with the child, so it’s not just a debit card, it’s a whole 0-18 proposition that parents can start at any age.”
The Strive app and savings account will be free – parents only having to pay £2 per month, per child if they wish to add the Strive debit card. The interactive piggy bank, called ‘Penny the Pig’, costs £99 and is able to show the child’s balance, chores, goals, and rewards.
The digital bank aims to initially launch in the UK with a crowdfunding campaign set to take place ‘in a few months’. The hope is for this campaign to help Strive toward reaching its first 10,000 families.