Spriggy, the youngsters’s pocket cash fintech that’s been utilized by greater than 1.3 million Australians, is shutting down Spriggy Make investments, promising a “bigger and better” different in 2026.
The fintech, which has raised almost $60 million, and counts NAB Ventures and Grok, the household fund of Atlassian billionaire Mike Cannon-Brookes, amongst its buyers, emailed customers on Thursday saying the app will shut down on August 30, with funds absolutely returned to clients.
“Firstly, we want to thank you for your support over the past four and a half years. We set out on a mission to create a simple, jargon-free investment product for parents to invest for their children’s future and to help them educate their kids along the way. Whilst we still believe strongly in this mission, regretfully we don’t believe we could take the next steps in achieving this with our current product offering,” the e-mail mentioned.
“We have taken in the customer feedback and are currently working towards a product that would achieve this mission. We really appreciate the support and feedback over the years and you will be the first to hear from us when it is ready.”
The favored Spriggy pocket cash and gamified monetary schooling app continues.
CEO Alex Badran mentioned they launched ‘Spriggy Make investments’ as a stand-alone app 4 and a half years in the past to make investing easy and academic for fogeys and youngsters; and alongside the optimistic suggestions, it validated the necessity for an funding expertise designed for households.
“We are now building an integrated investment experience within our flagship Spriggy app, which is used by over 1.3 million Aussie parents and kids. The new experience builds on the learnings from Spriggy Invest and is purpose built for Aussie families,” he mentioned.
“As we prepare for this launch, we’ve made the decision to wind-down the stand-alone Spriggy Invest app and return funds to current customers. We’re incredibly grateful for their support and excited to bring the next generation of family-focused investing to market soon.”
Spriggy Make investments launched in 2020 as a means for fogeys to put money into Australian and US shares for his or her kids, with as little as 50%. The funding choices included world tech in addition to main listed manufacturers akin to Woolworths, CBA, Apple, Amazon, Telstra and Google.
Picture: Spriggy
Spriggy was based by former Citibank derivatives merchants Alex Badran and Mario Hasanakos in 2015 with $300,000 in Seed funding earlier than launching in 2016. It’s a cellular app and pay as you go card for youths aged 6-17 to assist households train their kids about finance within the digital period, and saving and spending. The bank cards could be illustrated with popular culture film characters from Frozen, Star Wars and the Lion King, amongst others
Grok backed Spriggy, which emerged out of Cache Make investments, from the beginning, and in addition led the $12 million Sequence A spherical in 2019. NAB Ventures chipped in to steer 2021’s $35m Sequence B and in June 2022, the fintech topped up with one other $10m. Alium Capital and Perennial Worth Administration are additionally on the cap desk.
NOW READ: 6 issues Spriggy cofounder Mario Hasanakos loves about working from house
