This past summer the startup launched its family banking solution in the hope of equipping European children with sound financial management skills, helping them amass savings through to their teenage years.
The product provides kids with a bespoke payment card and money management app to spend their pocket money independently while encouraging better financial habits.
Bling's seed financing, which also includes IBB Invest, Angel Invest and Prediction Capital, was raised to accelerate its growth plans and product delivery. A slate of entrepreneurs-turned angel investors including Felix Haas (co-founder of IDNow,) Jakob Schreyer (co-founder Orderbird) filled out the round alongside fellow angels Ben Tellings (former ING-Diba CEO), Lea-Sophie Cramer and Carmen Kroll.
There's a good background story to Bling's founding CEO. 22-year old Nils Feigenwinter has earned the nickname "Fintech Wunderkind (wonderkid)" in German media outlets, having already started three youth-oriented startups, including a Swiss student magazine and a consultancy for young adults.
Feigenwinter's recent experiences as a teenager are expected to strengthen Bling's understanding of its target demographic. Peak investor Madeline Lawrence, herself a Gen Z-aged investor, said: "Only a few years older than their user group, Nils and Leon Stefan uniquely understand the needs of children, parents, and the family unit overall. They can crack the market where other silver-haired competitors have stalled.”
Only a few months into its product launch, Bling says it has more than 10,000 children using its payment card. While Germany's annual spend on family recreation is pegged at more than €35 billion, Bling believes more than 25% of European customers are parents with young children, who Feigenwinter says are banks' "forgotten" market for product development. But the startup has competition outside of its native Germany. In the UK, for example, there's the GoHenry children's debit card and finance management portal that's been running for eight years.
Feigenwinter added: "For decades, families have been neglected as a target group. We are changing that. Our products are centred around family development. And with our new savings plan, beginning at birth and extending into teen-hood, we prepare to push this strategy further.”