Australian pocket money startup Spriggy has announced the closure of a $2.5 million funding round.

The funding will be used to help Spriggy, which already has over 35,000 users, expand its services in an effort to help more Australian families teach their kids about earning, saving and responsible spending in an increasingly digital world.

The funding round was led by Alium Capital with additional investments from venture capital group Perle Ventures, and a number of high-net worth individuals. Former ING Direct Australia CEO Vaughn Richtor, and former Delivery Hero CTO, Scott Fletcher, will also join Spriggy in advisory roles to help guide the company into its next phase of growth.

Through its purpose-built mobile app and a personalised prepaid Visa card, Spriggy aims to give kids as young as eight the independence and responsibility to learn real-world money skills in an online era. Spriggy also ensures parents remain in control of their child’s financial activity, with customised parent and child user interfaces.

Co-founder Mario Hasanakos, said: “Financial issues are a key source of stress and anxiety among many Australians. The more we learnt about the problem, the clearer it became to us that the solution had to be built on better financial education. Spriggy’s purpose is to help families do that education better.

“Today’s funding announcement is tremendously exciting because it enables us to deliver that purpose to many more Australian families. If we can help mums and dads raise a generation of Australian kids more financially literate and comfortable with decision making, we can make a real difference in this country.”

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