02 Jun Member Spotlight: Otly!
Otly! offers financial education for kids by allowing them to have their first banking experience. The Amsterdam based start-up; aims to give young children perspective of how their financial lives are going to be in a cashless society. It also gives parents the opportunity to keep track of how kids spend their money, and to incentivise wise investments and savings.
Otly! Is an Amsterdam based fintech startup that seeks to introduce children to their first banking experience. Co-founded by its CEO Lior Bornshtain and CTO Vedran Vego in 2015, Otly! started by offering their service via website. Two years latter, it has two apps available for Android and IOS that provide an easy and appealing solution to the financial lives of parents and their kids. Otly! has a team of six members that focus on marketing, business development and education.
The idea of offering kids the opportunity to have banking experience from their early youth, comes from the fact that cash is no longer as present in our daily lives as it once used to be. A cashless society demanded for a banking solution that allowed parents to keep track of their kids spending, and to give kids the opportunity of experience how their future financial lives are going to be. In the words of Lior Bornshtain “our mission is to provide the missing layer for kids friendly banking”. They do this by providing two different apps, Otly! for parents, and Otly!Jr. for children. Younger kids that don’t use a smartphone can use the app designed for parents so they can have a grasp of how online banking works. The apps create a layer between parents, kids and banks; this is possible because of banks open APIs and, in the future, it could be done via PSD2 or Open Banking Platforms.
Is important to mention that Otly! is not the only company out there providing financial services for children, there are other parties offering similar solutions. However, they have their main ties with credit card companies, which means that they are challenging the banks and seeking to take costumers from them. Otly! works directly with banks to provide children friendly banking solutions on top of existing products designed by banks. These products can vary from digital saving jars for savings, to products like Otly!Me, which allows family members to contribute to their account, or Otly!Pay, which is a perfect way to introduce young kids to controlled spending. Products like this, allow costumers to get more value out of their banks and banks to keep up with the evolving needs of their costumers.
In order to promote financial education among families, Otly! has a feature within its app that is called Contenthub, it seeks to encourage better costumer financial literacy. Otly! has also open APIs, which means that any company can just access their content and work based on it. Very recently, a partnership with Dutch bank Bunq, was announced in order a novel banking experience for children.
Currently, the young startup has 8,000 parents and 12,500 kids using their services. Moreover, 250,000+ transactions have been made trough the apps, which means that kids are actually using it and getting something out of the experience. For 2017, the company plans to announce integration with two more banks, and to announce the launching of Otly!Pay. Further in the future, Otly! also aims to expand beyond the Netherlands and step into some other European countries, with France, Germany and Austria as solid candidates to make the next move.
Otly! is has a drive to be amongst the best Fintech startups in Europe. It won the Dutch Fintech Awards of 2017 for the category of innovative banking, and was also one of the four companies in Europe that won the UberPitch Challenge of 2016. Not being enough, Otly! is also an active member of the Fintech community, as a member of Holland FinTech, Otly! has been present in many of our events, adding their knowledge and talent to the Dutch Fintech ecosystem and networking with other members in order to innovate and create a solid community that can endure. Hopefully, Otly! will continue growing and being as proactive as it has always been so young kids can enjoy the gift of a financial education that is ready for the future.
If you want to read more about Otly! and their latest news, click here.