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NAB Ventures leads investment in Spriggy

Publish date: 03 August 2021
Family finance fintech startup, Spriggy announced the company has raised $35 million in a Series B round led by NAB Ventures, with significant investments also made by Grok Ventures and Perennial Value Management.
Spriggy is on a mission to help families raise a generation of financially healthy young Australians, fit for a cashless future. The new capital will fund Spriggy’s ambitious growth program, tripling the team over the next year to solve more of the spending and saving challenges that parents navigate in raising financially healthy kids.

“Everyone at Spriggy is so passionate about building beautiful digital experiences that help families teach kids healthy money habits with real world practice,” Spriggy co-founder and co-CEO Mario Hasanakos said, adding “With more than 500,000 parents and kids having joined Spriggy and more than 3% of Australian families using Spriggy every month, we are inspired every day by how much Aussie families care about the financial future of their kids. We can’t wait to put this capital to work to bring their passionate lessons to even more Australian families.”

Co-founder and co-CEO Alex Badran said, “The future of financial services will be deeply personal. Products are being re-bundled around the experiences and relationships that matter to everyday people. The parent-child relationship is the most important relationship there is.  Spriggy has been built from the ground up to serve that relationship.”Badran continued, “We’ve grown as fast as we have by staying hyper-focused, but it really is just the beginning of the opportunity. A typical Aussie family will spend hundreds of thousands of dollars over the course of raising kids. We can help make every step of that important responsibility less stressful for parents and more educational for their kids.”

Spriggy’s first product focuses on digital pocket money and is built around a mobile app for families and a personalised prepaid card for young people. Spriggy’s digital pocket money product offers families a safe and simple way for young people to learn healthy money habits for the digital age through real world experience.

NAB Ventures’ investment in Spriggy highlights NAB’s commitment to supporting parents with the financial education tools they need to teach their kids.

“We’re excited to support one of Australia’s best product-centric start-ups,” Todd Forest, Executive, NAB Ventures, said. “Spriggy’s growth is due to its strong leadership and clear focus on financial education assistance for families.”

Forest will also join Spriggy’s Board of Directors.

NAB and Spriggy will work together over the course of the investment to reach more Australian families with financial education experiences that help raise a generation of financially healthy young Australians, fit for a cashless future.

“NAB continues to invest in innovation, making products simpler and more digital for all our customers. We want our customers to have the best banking experience possible and are building partnerships with leading companies to support this,” NAB Group Executive Personal Banking Rachel Slade said.

“We know how much parents love the Spriggy app and the financial confidence it builds in their children. We are looking forward to working with Spriggy to develop new features that help families further build that confidence.”

The Series B round follows a successful $12 million Series A round led by Grok in 2019. Jeremy Kwong-Law, Grok Ventures CEO, said, “The team has done a great job scaling Australia’s top rated pocket money app to over 500,000 happy customers. They are brilliant at understanding customer pain points around family money management. I’m excited for Spriggy to leverage that knowledge to build more wonderful products for Aussie families.”

Perennial Value Management’s Head of Smaller Companies and Microcaps, Andrew Smith said, “Spriggy has built an outstanding team and a tremendous investor group that we’re thrilled to be part of. Spriggy cards and the family app are very popular in my household. It has been great to see firsthand the excellent user experience and more importantly seeing my kids learn some valuable lessons and healthy habits when it comes to managing money”.

To learn more about financial institutions' offerings for kids, visit our FS Innovation Radar and download the report "Generation next"