There is $44 Billion unbanked population waiting to get banked, here, in the United States. This population is children and teens, who receive $44 Billion Dollars annually in allowances from their families, primarily in cash, and they come with $200 Billion in purchasing power for Gen Z alone. With this enormous opportunity, the missing connection between banks and kids is passive financial education that teaches saving and spending. This is where Ourly comes in.
Ourly uses real dollars to teach good financial habits to children and teens.
Based in Maine, Ourly has taken on the challenge of increasing the need for banking kids and teens, while helping them learn life skills. Ourly’s unique method of passive financial education, integrates into a family’s budget using a smart digital wallet that the family shares. Unlike other apps, using crypto or points, Ourly uses real dollars and cents — increasing the awareness and teaching healthy habits around the importance of money that plays in a family’s life.
Ourly is the first investment in Mendoza Ventures 2019 pre-seed fund. This seed investment plays into a strong theme in the Mendoza Ventures Fintech, AI and Cybersecurity growing portfolio. The Ourly $3M seed round was lead by Boston based BlueIO.
“With the annual median household income in the United States at $62K, teaching families to save and spend is more critical than ever,” said Mendoza Ventures Founder and General Partner Senofer Mendoza “As a mom of two, it is ridiculous to teach children financial habits using literal dollars and cents, and then expect them to translate those skills when we one day give them a phone linked to a bank account. Financial education needs to be in a format they will use. This investment is an essential part of the fintech ecosystem.”
“As parents we want to see our kids shine, not just financially, but in all aspects of their lives. At Ourly, we provide the tools for parents and financial organizations to assist in this goal. Our platform helps everyone shine: kids, parents, extended family members, friends as well as the corporate managers at our business partners. ” Said Ourly CEO, Mike Vien “With Mendoza Ventures as an investor we are excited to leverage their teams extensive experience in building products for financial services, payments, and fintechs.”
Ourly is currently deployed in several banks and credit unions in the United States. An exciting new redesign and full relaunch is planned in March 2019 along with several new digital wallet enhancements. Don’t have Ourly at your bank? Let your bank know that you want Ourly for your family. Visit Ourly.com or contact info@ourly.com
Contact Mendoza Ventures at mendoza-ventures.com/contact/ or on linkedin
