Modak Makers provides a family money app featuring a free Visa debit card for kids and teens, enabling digital spending and contactless payments via Apple Pay and Google Pay. The platform allows parents to automate allowances, assign chores for earning, and manage savings goals within a secure environment. This service focuses on teaching financial literacy through practical money management tools without charging monthly fees for core features.
Funding
$5.3M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
NCFounders
Product
Problem
Many teens and young adults lack sufficient financial literacy, leading to poor money management habits and hindering their financial independence. Traditional methods of financial education often fail to engage younger audiences, resulting in a lack of practical skills and responsible spending habits.
Solution
Modak Makers provides a family banking app and Visa debit card designed to educate kids and teens on financial literacy and promote responsible money management. The platform allows parents to manage chores, allowances, and savings goals, while kids can earn rewards through completing challenges, learning about finances, and achieving savings goals. The Modak Visa debit card can be used globally, in-store, and online, and can be added to Apple Pay and Google Pay for convenient transactions. By integrating gamified learning with practical money management tools, Modak aims to foster good financial habits from a young age.
Target Audience
The primary target audience includes parents who want to teach their children about financial responsibility and provide them with the tools to manage their money effectively, as well as kids and teens who are looking to learn about finances and earn rewards for good habits.
Features
- Visa debit card for kids and teens, usable globally and online
- Virtual card option for secure online shopping
- Integration with Apple Pay and Google Pay for contactless payments
- Real-time spending notifications and parental controls to monitor and manage spending
- Chore and allowance management tools for parents
- Savings goals feature to help kids save for specific targets
- Gamified learning with challenges and rewards (MBX points) for financial education and good habits
- MBX rewards can be redeemed for cash
- Daily rewards and surprise rewards with purchases
- Option to earn rewards by walking 5,000 steps a day
- Multiple funding options: bank account, debit/credit card, Apple Pay, and Google Pay