After raising $2.4 million in funding, FinTech startup EarlyBird has released a mobile app that will make it possible for parents and others to both donate toward a child’s future and deliver a personal message.
In a press release, EarlyBird said its mobile app will give parents, family, and friends the opportunity to “invest in the financial futures of the kids they love.” They can do this by setting up custodial investment accounts for children.
“With each gift, contributors are encouraged to record a video memory that will leave a lasting legacy of love while also providing an emotional touch to their financial gift,” EarlyBird said in the release.
“The origin story of EarlyBird is a personal one,” CEO and Co-Founder Jordan Wexler explained in the release. “It started when my first niece was born, and I found myself showering her with toys and clothes, only to see her outgrow them in a few weeks. I was determined to give something more meaningful and lasting. In the spirit of the financial lessons and wisdom my father endowed on me as a child, I wanted to do the same for her.”
Mulling it over, Wexler said, “I knew there was a problem that needed to be solved.”
He wanted to find an option to invest in his niece’s financial future — while including a more personal component.
In the release, the Chicago-based company said its fundraising was led by Network Ventures and included “strategic participation” from Chingona Ventures, Bridge Investments, Kairos Angels, Takoma Ventures, and Subconscious Ventures along with angel investors.
TechCrunch reported that EarlyBird’s competitors include Stash and Acorns.
Since the funding round, EarlyBird has officially announced that its app is available on Apple’s App Store. The announcement, on LinkedIn, said the app will aid the next generation and promote financial literacy.
In an interview with PYMNTS, economics and accounting professor Annamaria Lusardi noted that only 21 states require financial education. The George Washington University School of Business academic said what happens is that many kids only get their financial literacy education at home.
That only works if the parents are financially literate themselves. Typically, however, they are not, she said.
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