Berlin-born, Bling, a fintech startup, is working to increase family access to financial education and for that has received new capital of €3.5 million.
The €3.5 million raised in a round was led by Peak and La Famiglia, along with the participation from Angel Invest, IBB Ventures, and Prediction Capital. Business angels investors Lea-Sophie Cramer, Felix Haas (Co-Founder, IDNow), Jakob Schreyer (Co-Founder Orderbird), former ING-Diba CEO Ben Tellings, and family influencer Carmen Kroll also participated in the round.
With this capital, Bling will grow more swiftly and increase the breadth of its offers.
It is becoming increasingly obvious how crucial it is to have sound financial judgment as news of a global financial crisis makes headlines and we all begin to watch our pennies.
The cost of living is increasing, and for some time now, the younger generation has lagged in terms of financial literacy. As a result, a variety of platforms and applications have emerged intending to make it simpler and easier for consumers to save money, make investments, and manage their finances.
There is a new player on the scene right now that seeks to improve financial literacy throughout the family, beginning with the children. Young businessman Nils Feigenwinter launched Bling in 2021, and it has received new capital for growth.
“We are the first digital banking touchpoint for users of all ages and demographics.”
Families have been ignored as a target demographic for many years, according to Nils Feigenwinter. We are doing that now. Our products are geared toward supporting family growth. And with our new savings program, which starts in infancy and lasts until adolescence, we are getting ready to advance this tactic.
Bling, which was only introduced six months ago, provides a family banking solution where kids may develop independence by learning about money management through instructional content and their debit card. Within the first few months of the company’s inception, more than 10,000 kids used a Bling card as their first encounter with personal payment, demonstrating how well-received the idea is with consumers.
Nils and Leon, who are only a few years older than their user group, have a special understanding of the requirements of kids, parents, and the entire family, according to Madeline Lawrence of Peak. Whereas other rivals with grey hair have stagnated, they can succeed. It’s the pinnacle of “ok boomers.”
The new business, which has its headquarters in Berlin, wants to seize a multibillion-euro market. Families are the group with the greatest purchasing power; in retail banking, more than 25% of European customers are parents of young children. However, up until now, there hasn’t been a product made just for them.
Feigenwinter: “Bling is recommended to other families by every other household. Networks are families. Beginning with the parent and child unit, we expand to include the entire family tree, including godparents, grandparents, and friends. These are examples of network effects at work.
General Partner of La Famiglia, Judith Dada: “The Bling team has surpassed expectations. By investing, we demonstrate our commitment to enhancing young people’s financial literacy.
Pocket money was just the start, according to Peak’s managing partner Stefan Bary. Bling may empower families and encourage financial independence with larger family finance.
Image Credit: Bling