Family finance fintech startup Spriggy raises $35m for a cashless future

Spriggy announced raising $35 million in a Series B round led by NAB Ventures, with significant investments also made by Grok Ventures and Perennial Value Management.

Spriggy is on a mission to help families raise a generation of financially healthy young Australians, fit for a cashless future.

How will Spriggy use this funding?

The new capital will fund Spriggy’s ambitious growth program, tripling the team to solve more of the spending and saving challenges that parents navigate in raising financially healthy kids.

“We are passionate about building digital experiences that help families teach kids healthy money habits with real world practice,” said Spriggy co-founder and co-CEO Mario Hasanakos.

“With more than 500,000 parents and kids having joined Spriggy and more than 3% of Australian families using Spriggy every month, we are inspired every day.”

“Australian families care about the financial future of their kids. We can’t wait to put this capital to work to bring these passionate lessons to even more Australian families.”

Co-founder and co-CEO Alex Badran said, “The future of financial services will be personal. Products are being re-bundled around the experiences and relationships that matter to clients.”

The parent-child relationship is the most important relationship there is. Spriggy has been built from the ground up to serve that relationship. We’ve grown as fast as we have by staying hyper-focused, but it really is just the beginning of the opportunity.”

“A typical Aussie family will spend hundreds of thousands of dollars over the course of raising kids. We can help make every step of that important responsibility less stressful for parents and more educational for their kids.”

Spriggy offers platform the young people

Spriggy’s first product focuses on digital pocket money and is built around a mobile app for families and a personalised prepaid card for young people.

Spriggy’s digital pocket money product offers families a safe and simple way for young people to learn healthy money habits for the digital age through real world experience.

NAB Ventures’ investment in Spriggy highlights NAB’s commitment to supporting parents with the financial education tools they need to teach their kids. “We’re excited to support one of Australia’s best product-centric start-ups,” Todd Forest, Executive, NAB Ventures said.

“Spriggy’s growth is due to its strong leadership and clear focus on financial education assistance for families.” Forest will also join Spriggy’s Board of Directors.

NAB and Spriggy will work together over the course of the investment to reach more Australian families with financial education experiences that help raise a generation of financially healthy young Australians, fit for a cashless future.

“NAB invests in innovation, making products simpler and more digital for all our clients.”

“We want our customers to have the best banking experience and build partnerships with leading companies to support this,” NAB Group Executive Personal Banking Rachel Slade said.

“We know how much parents love the Spriggy app and the financial confidence it builds in their children. We are looking forward to working with Spriggy to develop new features that help families further build that confidence.”

The Series B round follows a successful $12 million Series A round led by Grok in 2019.

Jeremy Kwong-Law, Grok Ventures CEO, said, “The team has done a great job scaling Australia’s top rated pocket money app to over 500,000 happy customers.”

“They understand customer pain points around family money management. I’m excited for Spriggy to leverage that knowledge to build more wonderful products for Aussie families.”

Perennial Value Management’s Head of Smaller Companies and Microcaps, Andrew Smith said, “Spriggy has built an outstanding team and a tremendous investor group that we’re thrilled to be part of. Spriggy cards and the family app are very popular in my household.”

“It has been great to see firsthand the excellent user experience and more importantly seeing my kids learn some valuable lessons and healthy habits when it comes to managing money.”