Mobile-only companies Otly! and bunq have launched new banking products aimed at children. As of now, they can receive, spend and save money on their own bunq supported bank accounts, under supervision from their parents.
Dutch mobile-only bank bunq has integrated services on the first financial platform for children, Otly!. Amsterdam based Otly! is a startup that offers early financial education for parents and children. The aim of this collaboration is to both educate and empower children with a safe and simple way manage money.
The combination of two mobile-only companies depicts how the partnership between BUNQ and OTLY! is a step towards customer-centric products within the digital ecosystem. Including children at an early age in the digital banking framework allows them to learn to learn managing their money on a digital platform.
Founded in 2015 by Lior Bonshtain and Vedran Vego, Otly’s initiative with bunq aims to bring children into the digital society as Bornshtain realises that “the way children spend their money has moved from offline to online, but their money hasn’t made this transition yet.” Read more here or have a look at our Member Spotlight.
Through this partnership, bunq’s API enables a secure ecosystem for both children and parents without having to make transfers in funds. CEO of bunq, Ali Niknam speaks on how the partnership between the two complements bunq’s mission to give people “full control over their money again.” Read more here
For the announcement of the cooperation, click here.