Closing the Gap in Financial Literacy — Goalsetter Tackles Money Management for Kids
Savings rates in the U.S. are low. Federal Reserve research shows that 35% of Americans would have difficulty paying an unexpected $400 expense. Conversely, early saving can have a positive effect on future success — according to academic research, children with savings accounts in their name are six times more likely to go to college. Family finance app Goalsetter is on a mission to help prepare children for financial stability by giving them early access to a wide gamut of money management tools, including savings accounts, financial literacy and investing.
Goalsetter, a Black female-founded and led fintech, aims to get every family in America saving by offering an education-first approach to family financial wellness. Led by former Nickelodeon and ESPN executive Tanya Van Court, Goalsetter provides a mobile banking and education app along with a kids’ debit card. According to the company, Goalsetter is the only debit card in the U.S. with a financial literacy curriculum designed specifically for teens and tweens.
Goalsetter users can link existing bank accounts, send cash instantly, set up autosave and access other savings tools. The goal-based savings app offers fun financial literacy quizzes and helps parents monitor kids’ spending.
After raising $15 million in Series A funding, Goalsetter also plans to help traditional banks narrow the gap in financial inclusion and give young consumers early entry into the banking mainstream. In partnership with Fiserv, Goalsetter will enable thousands of financial institutions to bring financial services to the K-12 youth market through a co-branded fintech platform to help families prepare children for financial success.
To date, Goalsetter has partnered with several Black and Latinx athletes and celebrities — including Chris Paul, Robert F. Smith, Sterling Brown and Ryan Bathe, and CC and Amber Sabathia — to promote financial wellness in communities of color. In February 2021, Goalsetter launched its “Drafted” campaign, which “drafts” young people of color into financial freedom by funding their first savings accounts.
In November 2021, the Partnership Fund invested in Goalsetter as part of the company’s Series A financing round alongside lead investor Seae Ventures. Goalsetter has received widespread industry support, securing investments from Astia, Citizens Financial Group, Cuna Mutual Financial Group, Fiserv, Mass Mutual, Mastercard, Northwestern Mutual Future Group, PNC Bank, Sterling National Bank and US Bank.
The Partnership Fund is proud to support Goalsetter, a 2019 graduate of the FinTech Innovation Lab, as it works to make financial literacy and saving more accessible for children and families.
As the holidays approach, Goalsetter can offer a meaningful opportunity to give a gift that helps kids get started on a path to financial empowerment. Learn more about Goalsetter here.
