Earning an allowance is a rite of passage for many kids, and a new app will make it easier for parents to pay their child each week.
According to TechCrunch, Current allows parents to pay their child’s allowance exclusively through the app — no cash needed. After signing up for an account online and entering in their child’s information, parents will receive a Visa debit card that they can replenish directly from their own bank accounts. The child can then use it to make purchases online or anywhere Visa cards are accepted. Current charges a subscription fee of $3/month per kid.
Current’s creator Stuart Sopp came up with the idea when he realized giving his seven-year-old daughter a cash allowance was a waste of time, since all she wanted to do was make purchases online. The app is designed to not only make funding an allowance easier for parents, but also teach kids how to manage their money wisely — and hopefully avoid credit card debt in the future.
The company recently closed a $3.6 million seed round led by Expa and Human Ventures, with involvement from Future Perfect Ventures and others.
Current also offers a savings account and a giving account, where kids can save money for a future goal or give to the charity of their choice. The company is also working on more parental control options so they can set aside savings as well.