NatWest buys child banking FinTech RoosterMoney

NatWest has acquired children’s banking FinTech RoosterMoney.

Launched in 2016, the London-based firm provides an app which aims to help children learn about money in a safe environment.

Parents can immediately freeze a child’s card if it is lost and block payments to specific merchants via the app according to Rooster.

The app also provides parents with real time notifications of their child’s spending as well as a “contactless counter”, which provides a visual representation of how far away they are from having to input their pin number.

The vast majority - 88 per cent - of parents felt support to help their children practice new financial skills in a safe space would be helpful according to NatWest’s statistics.

Over three-quarters of parents - 76 per cent - agreed the ability for them to unlock more powers for their children as they learn would be beneficial according to NatWest, while 80 per cent felt the option for them to practice together with their child would be helpful.

Rooster claims its app has over 130,000 users in the UK
NatWest have launched other initiatives earlier this year aimed at improving young people’s financial management; the bank launched a new app called ‘Housemate’ which allows house sharers to split bills in August.

“We want NatWest to be the easiest and most useful bank for families and young people,” said Simon Watson, head of youth, retail banking at NatWest Group. “Rooster have built a brilliant app with best-in-market features that we’re excited to offer to NatWest customers.”

He added: “We know that the world of money is changing, and we want to help parents, carers and young people feel confident and capable – Rooster helps us do just that.”

    Share Story:

Recent Stories

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

The Rise of Instant Payments
Instant payments are creating new business opportunities for banks by providing more touchpoints than ever. With these evolutions underway, Featurespace brought leading industry experts together to discuss how they are protecting customers from fraudsters in real time, utilizing innovative and disruptive solutions to reduce fraud. Click here to find out more.

Offloading Cyber Risk in the Cloud
As cyber attacks and data breaches are in the news on an increasingly regular basis - with regulatory penalties and customer trust on the line for financial services firms - it has never been more crucial to be compliant in the cloud.

This video, with Akamai’s EMEA director of security technology and strategy Richard Meeus, will help explain what your company can be doing to make sure it’s not embroiled in the next big fine or front-page scandal.