Hero Financials provides a Mastercard and accompanying app designed to teach children financial literacy. The platform allows parents to oversee spending and set controls, while kids learn to manage their own money through hands-on experience.
Funding
Funding not disclosed
Founders
Product
Problem
Many parents find it challenging to teach their children sound financial habits in a practical, hands-on way. Traditional banking solutions often lack the necessary controls and educational tools to guide children towards financial literacy and responsible spending. This can lead to difficulties in managing money and understanding financial concepts later in life.
Solution
Hero Financials offers a Mastercard and accompanying mobile app designed to empower children with financial literacy through real-world experience. The platform provides parents with tools to oversee their children's spending, set budgets, and establish controls, fostering a secure and transparent environment. Kids gain independence in managing their own funds while learning essential financial skills, such as budgeting, saving, and tracking expenses. The Hero app provides customized experiences for both parents and children, enabling collaborative financial education and responsible money management.
Target Audience
The primary target audience is parents who want to actively teach their children (kids and teens) about financial literacy and responsible money management, as well as children and teenagers who are ready to learn how to manage their own money.
Features
- SideKick Mastercard for kids, accepted online and in-store with chip & pin and contactless payment technology
- Hero Budget Tool to allocate funds across spending categories like general, living expenses, eating out, travel, shopping, and fun
- Real-time spending notifications via push and email for parents to monitor transactions
- Remote card freezing and unfreezing for security
- Recurring allowance feature to automate regular payments
- Vault for setting savings goals and Round-up feature to automatically save spare change
- Blocklist feature to restrict spending at specific merchant categories such as liquor stores and gambling vendors
- All-in-one app accessible on smartphones, tablets, and desktop computers
- Optional ATM withdrawal access
- Wallet Pay integration (coming soon) with Apple Pay, Google Pay, and Samsung Pay