Money Today published an article about Fintune in their Digital Banking and Financing
On 14.01.2021, MoneyToday published an article about Fintune and it’s financial literacy mission. We publish here an English translation.
Pigs in in millions – that’s why the Swiss FinTech developed the intelligent high-performance piggy bank Finny itself, ecosystem included.
The creators of the FinTech Fintune are pursuing a grand vision and ambitious goals. On the one hand, it’s about financial education for children, because dealing with money in everyday life has to be learned and therefore the knowledge about it should be imparted as early as possible. On the other hand, it’s about fun, because learning only works if the fun and pleasure component is on board. And last but not least, it’s about extended financial education, which includes topics such as blockchain, cryptocurrencies, wallets and much more. Adapted for children and geared towards parents, so that all groups involved find digital finance topics understandable and exciting enough to talk about every now and then.
Finny can do Open Banking
Finny is the physical part of an intelligently networked overall system. A digital piggy bank with an integrated account and other features to make the friendship between children and their piggy bank a reality. That’s why Finny is not only a piggy bank, but also a clock, alarm clock, night lamp, Finny can stream music, sing lullabies and act mimically.
With Finny, a digital piggy bank is at the centre of an ecosystem that connects children, parents, family, relatives, friends, banks, insurance companies, telcos and other parties. The IoT-device (Internet-of-things) is connected to the bank account and to apps that create as much access to the world of finance directly from the children’s room as parents want and allow for their children.
Finny, the children’s app, the family app, the community website and bank account interact with each other and make saving, achieving savings goals and therefore pocket money transfers possible. And more than that. The piggy bank and the apps know how Open Banking works and the educational aspect is always and everywhere with them.
B2C or B2B?
A question that can be meaningful for start-ups and FinTechs. Fintune rides on both rails. Finny, apps and all services can be booked by customers directly at Fintune – as a Free Package (free of charge) or as a Hero Package (60 euros per year) with extended services. Or then as a white label solution with affiliated partners – these can be banks, insurance companies, telcos or other companies.
Finny in Europe
Fintune has had the app live and in beta testing in Germany and Austria since October 2020, currently with the first thousand users. The system is geared towards open banking and PSD2-compliant, so the app can connect directly with 2,700 banks. This way, children and parents can see how their children’s assets are developing and pocket money can be transferred directly.
At the beginning of January 2021, the beta test was extended to 18 more EU countries. The app can be downloaded from the Apple Store and Google Play and connected to the Demobank account. The exception is Switzerland, because a common Open Banking standard is currently still available here.
The digital piggy bank Finny is still a prototype at the moment and is currently a mascot in the app. In the fourth quarter of 2021, Finny will also become a physical member of the family, then as a tangible piggy bank with intelligent functions.
The first round of financing was provided by the founders themselves and by partners. With relatively modest funds, the start-up has come a long way since its founding.
Currently, the second round of financing is running as a crowdinvesting campaign on Funderbeam. Target: 500,000 euros – almost half has already been pledged, the campaign still has 29 days to run. The deliberately low hurdle of 250 euros as a minimum investment does not exclude small investors and should help to create a broad base of investors. Link to campaign
The team and a possible déjà vu
If you’re eyeing Finny sharply and thinking déjà vu, you’re not entirely wrong. In mid-2017, Credit Suisse launched Digipigi with a huge marketing effort, we reported. Since then, it has been quiet about Switzerland’s first digital piggy bank.
Ruth Mojentale, co-founder and CEO of Fintune, initiated the Digipigi project at Credit Suisse at the time and led the entire Kids Banking initiative to success. Andreas Kirchner, co-founder and CTO of Fintune, led the IT development of Digipigi.
Good prerequisites for Fintune and the project. The two founders know from experience very well what is in demand, what is missing and where the journey should go. Especially with regard to Europe, open banking and the ecosystem.
This is where it ends
This is where the déjà vu ends, Finny does not have a narrow playpen, clearly greater ambitions and above all the openness to be able to function and also cooperate with all groups, banks and partners across Europe. Open banking, after all.
Ruth Mojentale, Co-Founder & CEO Fintune
Andreas Kirchner, Co-Founder & CTO Fintune
Ruth Mojentale and Andreas Kirchner are accompanied and supported on their way to becoming “Europe’s number 1 digital piggy bank” by a strong team and advisory board that pulls along the cart with their know-how and network.
The forward-thinking vision and why the FinTech has potential
Fintune’s business model has potential for several reasons. The mission to make children and parents fit for everyday digital financial life with all the new possibilities strikes a chord with the times. Finny, the digital piggy bank, is “only” Fintune’s first product. There will be more to come. Especially since the openly designed and PSD2-compatible ecosystem allows for all kinds of extensions that connect children, parents, the community, banks and other partners.
The FinTech’s decision to operate directly in the B2C sector and in parallel in the B2B sector with white label solutions opens up two revenue channels and should also pay off in both areas in the medium term.
The most important point, however, is the proximity to the user groups, children, parents and their community. Finny sits in the family, so to speak, and right in the middle. The digital piggy bank is designed for children from 3 to 12, the app for kids from 7 to 12. Once Finny has accompanied a child and a family for a few years, the piggy bank is not simply retired. Fintune has every opportunity to seamlessly replace Finny with solutions and tools that help youth and young adults manage their finances. It is in the cement of these established and close relationships that the greatest potential for the future lies.
The Fintune Research team provides you relevant information on financial literacy for children. Learning about money at an early age helps to train reasonable money habits and avoid future debt traps.