NatWest pockets RoosterMoney, the savings app for kids

By Oliver Smith on Friday 8 October 2021

Digital Banking

To be rolled out for NatWest customers in the coming months.

NatWest pockets RoosterMoney, the savings app for kids
Image source: RoosterMoney.

It’s been a relatively quiet time for pocket money apps for kids.

While neobanks have attracted vast numbers of customers and huge investments in the last 12 months, the likes of Osper and GoHenry have been quietly plugging away.

But that could be about to change, especially as NatWest just announced its acquisition of kids pocket money app RoosterMoney for an undisclosed amount.

The high street bank says it plans to roll RoosterMoney into its existing products and services, likely dramatically boosting the fintech’s 130,000 UK customer base.

For those existing customers, the news won’t cause any immediate changes to how the service works.

“We want NatWest to be the easiest and most useful bank for families and young people. Rooster have built a brilliant app with best-in-market features that we’re excited to offer to NatWest customers,” said Simon Watson, head of youth in the retail banking division of NatWest.

RoosterMoney was founded in 2016 and today offers a Visa debit card that parents can add pocket money to, freeze if it's lost and block payments to specific merchants.

CEO and co-founder Will Carmichael said his startup’s mission is “aligned with the bank’s purpose and we’re very excited about working together to help more parents and kids to build their financial confidence.”

With RoosterMoney being launched to NatWest’s customers in the coming months, GoHenry expanding to the US and Osper partnering with Viacom on SpongeBob SquarePants-branded debit cards for kids—suddenly the pocket money app space doesn’t look so quiet.

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