A Miami-based financial technology startup is creating a debit card for children and managed by their parents in Latin America. To jumpstart its upcoming launch, Mozper announced today that it has raised $770,000 in pre-seed funding.
“We want to help parents in Latin America raise a financially savvy generation,” said Gabriel Roizner, CEO and co-founder, in the announcement. “It’s really among the most important things parents can do for their kids.”
Mozper will be providing an app and a special debit card, and is set to release the design of the card next week along with an announcement about a credit card partnership, said Roizner. With a first-mover advantage, “we plan to alpha-launch in Mexico in mid-May.”
How will the app and card work? Parents can deposit their child’s allowance onto the card and monitor spending via an app. Parents can also set rules or limits on the spending. To learn about saving and managing money, children can spend their allowance using the card and keep track of their transactions on the app. The app will also feature kid-friendly financial education, helping parents teach their children how to handle money and grow financially responsible in a cashless world.
“We recently kicked off a pre-launch campaign on our website, which has already validated the major demand for an offering like ours in the Mexican market, with 1,600+ registered adults since March 23. Also, kid debit cards are a proven model in Europe and the US, which is something that gave us more confidence to jump into the waters in Latin America,” said Roizner. Brazil is the second market the startup would like to enter.
Roizner, a Uruguayan living in Miami, has an engineering background and co-founded two other startups. Also on his co-founding team are CFO Yael Israeli, an American living in Panama, and CTO Pablo Klestorny, who is also Uruguayan.
Mozper said the investment round was led by Mexico City-based venture capital firm DUX Capital, angel investor John Farrell and others, and closed in January. DUX is also an investor in Miami-based AI startup Epica. The funds will be used to support product development and the Mozper’s upcoming launch in Mexico.