Currently 2 billion people are financially excluded and financial literacy is extremely low among both youngsters & adults (PISA studies), the need for financial literacy from an early age can mean the difference between a life in debt and a life in harmony. Prometheus can tap into a large global market of smart education estimated at 300 billion US dollars revenues in 2019 to surpass 430 billion US dollars by 2025 (prnewswire) with financial institutions spending roughly 170M $ for financial education purposes (Financial Educators Council). While traditional means are still important, modern means have transformed millennials into a more financially literate generation, but this market is still to be explored, in light of current expansion of e-learning due to the CoVid19 crisis.
A top-down approach for the European Union Demographics (Eurostat) would get us to a TAM exceeding 1B$
The Response/ Solution – A solution, named KidsFinance, consisting of an interactive mobile application for both parents and children promoting financial education and healthy financial habits. The main features are allowance, chores, goals and financial lessons, all delivered in a child-appealing way. Our solutions are both B2B and B2C, delivered via a subscription-based model. What is KidsFinance? It is a smart debit card for kids, paired with mobile applications for parents and children, that brings together all functionalities needed for a sound financial education, and combines them into a different structure than the current competitors’ solutions, focusing on positioning the solution as an open Platform, with the support of the community from the ecosystem (such as banks, financial institutions, fintech, eduTech, education NGOs, school communities, affiliates, merchants, and many more)
KidsFinance will be position as a platform, differentiating from existing actors, being an enabler built to:
Help parents to financially educate their children and gain more control over family finances
Preserve and strengthen the benefits of using a smart debit card instead of cash
Ensure money management for the entire family and bring together parents and children in a unique manner
Put together knowledge from different industries: financial, IT&C, education
Make the most of the platform to serve as an expanding hub.
KidsFinance is designed as an open platform which means any wallet will be easily integrated. It is also a bundle of products and services offered to the banks to be provided to their customers via an upsell process.
KidsFinance is a big opportunity to boost the whole financial environment, being meant to help the parents to financially educate their kids and to banks to offer their clients an outstanding customer experience. KidsFinance platform will have revenue generated from subscriptions via a freemium model to allow access to the core features for everybody.