NatWest acquires pocket money app Rooster Money
By MYBRANDBOOK
NatWest announced the acquisition of financial education and pocket money app Rooster Money as part of its strategy to help families and young people more easily manage their money.
NatWest carried out research to understand the grasping opportunities, challenges, behaviours and attitudes of young people and their guardians.
88% of parents felt support to help their children practice new skills in a safe space would be helpful. 76% agreed the ability for them to unlock more powers for their children as they learn and 80% felt the option for them to practice together with their child would be helpful – which will be better served through Rooster Money.
Launched in 2016, Rooster, a London-based financial technology firm, helps parents and children to learn about earning, saving, giving and spending money. It loads pocket money onto a Visa debit card and allows parents to immediately freeze a card if it’s lost and block payments to specific merchants.
Rooster has over 130,000 UK users and existing customers can continue to use it as they normally would and will be launched to NatWest customers in the coming months. The bank plans to offer Rooster as part of its existing products and services in the coming months
Simon Watson, head of youth, retail banking at NatWest Group, said: “We want NatWest to be the easiest and most useful bank for families and young people. Rooster has built a brilliant app with best-in-market features that we're excited to offer to NatWest customers.”
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