NatWest has announced that it has acquired RoosterMoney, a London-based fintech that provides a pocket money app for kids.
The move is aligned with the lender’s plans to help families and youngers with money management.
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Launched in 2016, RoosterMoney operates as an allowance manger and mobile piggy bank app for children. The app also helps kids learn about earning, saving and managing finances.
Through a separate account, the parents can add allowance amount and track expenditure. Additionally, the app comes with several features such as reward charts, chore reminders, and customised interest rates to encourage saving.
Children will also get a contactless debit card. It comes with parental controls and they can freeze a card if it’s lost and block payments to specific merchants.
Currently, Rooster has more than 130,000 UK users.
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By GlobalDataNatWest Group Retail Banking’s Simon Watson said: “We want NatWest to be the easiest and most useful bank for families and young people. Rooster have built a brilliant app with best-in-market features that we’re excited to offer to NatWest customers.
“We know that the world of money is changing, and we want to help parents, carers and young people feel confident and capable – Rooster helps us do just that.”
The bank plans to offer Rooster as part of its existing products and services in the following months.
Meanwhile, existing customers can continue to use the app and there will be no impact in services.
RoosterMoney CEO Will Carmichael said: At RoosterMoney we believe that if you build financial capability early on, you’re better prepared to take on the challenges that life throws at you.
“That’s totally aligned with the bank’s purpose and we’re very excited about working together to help more parents and kids to build their financial confidence.”
In the first six months of 2021, NatWest Bank reported pre-tax profit of £2.5bn.
