NatWest acquires RoosterMoney children’s pocket money app
NatWest acquired the RoosterMoney children’s pocket money app.
The bank plans to offer Rooster as part of its existing products and services in the coming months and said the acquisition is part of its strategy to help families and young people manage their cash flow more easily.
The app currently has over 130,000 UK users and existing customers can continue to use it as they normally would.
Launched in 2016, Rooster, a London-based financial technology company, helps parents and children learn how to earn, save, give and spend money.
The app’s features include reward charts and chore reminders to help encourage a saving habit from an early age.
Children can also get contactless debit card with flexible parental controls and no overdraft risk.
RoosterMoney allows parents to immediately freeze lost cards and block payments to specific merchants.
It also gives parents and children real-time notifications on their spending.
Rooster has created a brilliant app with the best features on the market which we are delighted to offer to NatWest customers.
Simon Watson, NatWest
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 created a brilliant app with the best features on the market which we are delighted to offer to NatWest customers. We know the world of money is changing and we want to help parents, caregivers and young people feel confident and capable – Rooster is helping us do just that.
A NatWest study found that 88% of parents felt that support to help their children develop new skills in a safe space would help build their confidence in managing money.
Four-fifths (80%) also felt that it would be useful to be able to practice with their child.
RoosterMoney CEO Will Carmichael said, “We are delighted to join NatWest Group at such an exciting time.
“At RoosterMoney, we believe that if you build your financial capacity early on, you are better prepared for the challenges life throws at you.
“This is totally in line with the bank’s goal and we are very excited to be working together to help more parents and children build their financial confidence. “
NatWest said other recent initiatives it has introduced to meet the needs of young people include HouseMate, a bill-sharing app for tenants, and Island Saver, a free console and mobile game for young people to learn. on money management.
He has also worked with influencers to understand the most effective and relevant ways to communicate fraud and scam prevention messages.
The bank has operated MoneySense, an impartial financial education program for ages 5 to 18, for 25 years.
In a survey for MoneySense, almost a third (32%) of parents said computer and phone games influence their children’s ideas about money and how to spend it.