Challenger bank Strive goes live & welcomes GoSave to its family

By Pavithra R

Strive, a challenger bank designed for families has announced the acquisition of a popular digital piggy bank company GoSave in an all-stock deal.

With 50% of the UK population considered financially vulnerable, the need for easy solutions to teach kids about money and engage their parents in the process has never been greater. This need has been sped up by recent COVID-19 events and the rise of cashless society.

Strive makes teaching kids about money seamless. Its offering comprises a low-cost savings account, interactive digital piggy banks, a customisable debit card and a marketplace with offers from a range of toy, educational and edtech brands that can reward kids for hitting their saving goals. It also has a white label solution that lets banks in other parts of the world build similar solutions.

Founded in 2017, GoSave helps parents teach kids to save, earn and spend wisely. Its digital piggy banks called GoSavers that are packed with personality helps parents teach their children about saving, chores, goals and rewards. It can act as a digital start chart, rather than just a piggy bank. 

“We’ve been working with GoSave for a period of time now with some of our clients, and the idea of youth-focused challenger bank kept coming up. We see a real gap in the market to build a solution for parents that grows with the child, so it’s not just a debit card, it’s a whole 0-18 proposition that parents can start at any age,” said Strive CSO, Ivan Muck, who is also a founder of the fintech ff.next.

Strive’s branding, hardware and focus on the 0-18 segment differentiate them and allow room for further growth. It is initially launching in the UK and is currently taking expressions of interest ahead of their Seedrs crowdfunding campaign in a few months.

“I’m delighted to welcome Strive to London and thrilled that they have chosen to launch their business here. London is one of the world’s leading fintech hubs, and companies here will benefit from the UK’s highly adoptive customer base for fintech services, as well as having access to stakeholders, clients, investors and exceptional talent. With a global business community built on diversity and progressive thinking, London is a city where ambitious companies like Strive can succeed,” said Laura Citron, CEO at London & Partners.

Next to London & Partners, the team has also started working with Europe’s leading card issuer Pre Pay Solutions to help accelerate their path to market. They have also appointed advisors including ex N26 marketing Kelley Franklin and VISA members.