PennyOwl, a New York City / Dublin, Ireland-based smart allowance app with learning features, completed a $1.3m seed funding.
Backers included R. Richard Fontaine of Flipside Investments, former chairman and CEO of GameStop, Inc., Silicon Valley Bank (SVB) and Enterprise Ireland (EI).
The company intends to use the funds to hire new people (it expects to create 30 jobs over the next three years) and grow its customer offering in the U.S. and other international markets.
Led by brothers Seamus and Gene Matthews, PennyOwl is creating a suite of tools for parents start the money conversation with their children, getting real-world experience with saving and spending and stimulating thinking about money and financial habits. Its first product is a mobile app that allows children to manage money and develop financial skills, while providing parents/guardians with control tools.
The company participated in the “Commerce.Innovated.” accelerator program, a joint venture between MasterCard and SVB designed for early stage startups innovating across the commerce space to accelerate their growth and success.