Moroku signs developer agreement for 11 US Credit Unions
Moroku has signed an early developer agreement with US Credit Union Service Organization, Constellation Digital Partners, LLC. This agreement opens the door to exploration of Constellation’s Digital Services Platform and integration work between Moroku’s ChoreScout application. ChoreScout is an application that asks parents to determine what winning looks like around the home. It might be a set of chores or tasks that require discipline that need to be completed daily or weekly such as, academic, sporting or creative success, or a set of routine behaviors. As these are demonstrated, parents can pay allowances to the children that are then used for savings. Upon completion, ChoreScout would become available to Constellation’s 11 credit union partners, with more than 2 million customers and $25 billion in total assets.
Commenting on the agreement, Moroku CEO Colin Weir said, “Moroku has seen good adoption of ChoreScout in Australia within credit unions. Families and communities are a core component to these businesses, and we are very much looking forward to helping them continue this mission in a digital world, teaching children great financial habits early and building customers of the future.”
“We are excited to work with Moroku as they bring a unique spin to financial literacy in youth, says Constellation Founder and CEO Kris Kovacs. “Making it fun and rewarding for children to learn about money is a great way to accomplish goals.”
While many banks have ignored banking for children, others, such as the Commonwealth Bank of Australia with its Dollarmites program, have made a strategic and profitable investment in banking for youth and their families
Marcel van Oost, an independent fintech strategist has started a series of articles about Gen Z’s relationship with money. Specifically, pocket money. Deemed “not profitable enough” by traditional financial institutions, the “pocket money market” has a massive potential for scale. The reasons? Primarily because parents want to teach their children financial literacy and responsibility, argues Marcel.
To this effect, fintech challenger banks are aiming big at this new demographic. Recently, Revolut announced that will launch an app specific for children and teens, Revolut Youth, with a physical card, but co-managed by parents. Other B2C fintech startups looking at the space include: Step, a mobile banking service for teens, backed by Stripe. Greenlight, which raised $54 million for a debit card that teaches kids over 13 years financial literacy. In the UK, GoHenry and others have been catering successfully for this demographic, too.