NEW YORK--(BUSINESS WIRE)--Till Financial, the first collaborative family financial tool that empowers kids to become smarter spenders, is now available to all families. Till’s banking platform directly serves the 50 million pre-banked young people that represent over $400 billion in buying power. Till’s mission is to make family finance conversational and collaborative by encouraging open and honest discussions between parents and their kids. On Till, kids learn by doing. With a real bank account, digital and physical debit card, and goal-based savings, Till prepares young people for entry into the modern economy with the confidence and knowledge they need to be successful.
“Parents and the current banking options miss the point when they just focus on savings. We need to first prepare kids to be smarter spenders, supported by savings and investing,” said Taylor Burton, co-founder of Till. “With Till, kids learn to spend with intention and purpose, while parents gain confidence and trust based on transparency and accountability. We offer this platform with no fee to all families—irrespective of socioeconomic status—because a kid’s first banking experience should not come with their first banking fee.”
Whether parents like it or not, as soon as kids are handed a cell phone, they are entering the spending economy for the first time. Unlike most banking products, Till respects young consumers by treating them like the economic actors that they are by putting spending power in their hands. This spending power is not just allowance dollars, but also the dollars that the family typically spends on their behalf—the “meet me at the register” dollars. On top of the dollars that kids typically control today, Till gives families a trusted platform that allows the kid to control a larger portion of the additional money usually spent for them by others.
“As a society, we’re finally ready to talk about money with our children,” said Peggy Mangot, Operating Partner at PayPal Ventures. “What I love about Till is that they’ve incorporated proven functions and features to help families understand money together. It’s always a hassle to travel to a legacy bank’s branch to set up a teen bank account. Now, it’s convenient and modernized through Till's platform. Till encourages families of all sizes to work together to create impactful financial wellness habits that will last long after the child leaves the household.”
Till’s over $5M in funding comes from institutional investors with a focus on fintech and the modern family, including Elysian Park Ventures, Pivotal Ventures with Magnify Ventures, Afore Capital, Luge Capital, Alpine Meridian Ventures, The Gramercy Fund, SM Ventures (Family office - Founders/Co-CEO’s of Stadium Goods) and Lightspeed Venture Partners (Scout Fund). Joining these funds are angels with experience in financial inclusion, retail, and education including the founders of Petal, the founders of Drizly, president of Transactis, and president of 1800Flowers.
“While the modern family unit is constantly changing, traditional family banking has not kept up with these changes,” said Joanna Drake, Founding Managing Partner of Magnify Ventures. “Till recognizes that families come in all shapes and sizes, and provides a flexible platform that reflects today’s digital realities and how kids use technology. We invested because we see enormous potential for teaching kids, families and support systems of all income levels to learn smart spending together, ultimately leading to more fiscally responsible young adults."
With evolving family structures and extended families spreading out across the country, this larger community still wants to take an active role in supporting things kids care about. With Till, friends and families collaborate and coordinate their support of a kid’s most audacious goals; from the birthday present they truly want to supporting a college plan, these community members are helping make those dreams possible. Till is building partnerships with a wide range of organizations and merchants to expand this idea of community.
ABOUT TILL FINANCIAL
Founded by veteran entrepreneurs and dads, Tom Pincince and Taylor Burton and Brian Chemel, Till is the first collaborative financial platform specifically built for families and the communities that support them. Till is accessible to all families, as there is no monthly subscription fee. Till is replacing awkward family conversations about money with real actions and experiential learning, while teaching kids how to spend money wisely every day. Banking services provided by Coastal Community Bank, Member FDIC, pursuant to license by Visa U.S.A. Inc.