NatWest has acquired FinTech RoosterMoney as part of its strategy to help families and young people more easily manage their money.
Launched in 2016, the London-based startup makes it simple for parents and children to learn about earning, saving, giving and spending money.聽
The app has a five-star rating from users and has been growing quickly, adding new features such as reward charts, chore reminders, and customised interest rates that can be set by parents to encourage the saving habit.聽
RoosterMoney allows parents to immediately freeze a card if it is lost and block payments to specific merchants. It also gives parents and children real-time notifications on their spending and comes with a 鈥榗ontactless counter鈥� so children know how far away they are from having to next use their chip-and-pin.聽
鈥淲e want NatWest to be the easiest and most useful bank for families and young people,鈥� said Simon Watson, Retail Banking at NatWest Group.聽
鈥淩ooster have built a brilliant app with best-in-market features that we鈥檙e excited to offer to NatWest customers.聽
鈥淲e know that the world of money is changing, and we want to help parents, carers and young people feel confident and capable 鈥� Rooster helps us do just that.鈥�
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Rooster has over 130,000 UK users and following today鈥檚 announcement existing customers can continue to use the Rooster app as they normally would.聽
NatWest will be working to offer Rooster as part of its existing products and services in the coming months.
RoosterMoney CEO Will Carmichael said: 鈥淲e鈥檙e delighted to be joining NatWest Group at such an exciting time.聽
鈥淎t RoosterMoney we believe that if you build financial capability early on, you鈥檙e better prepared to take on the challenges that life throws at you.聽
鈥淭hat鈥檚 totally aligned with the bank鈥檚 purpose and we鈥檙e very excited about working together to help more parents and kids to build their financial confidence.鈥�