Kit is a kids money app and prepaid card to help your little grownups earn, save, spend, and learn.
Year founded : 2021
Founders/CEO: Yish Koh, Managing Director
Location: Sydney, Australia
Size of Team: 15+
Who is your ideal customer ?: Any school aged child between 6-18 years old, living in Australia, can use the Kit app, but we think the current app resonates most with children between the ages of 8-13 years old.
Why would someone work for your company ?: We are purpose-driven and determined to improve the financial capability of young people living in Australia (e.g. through a measurement & evaluation framework, Advisory Group). We’re a perfect venture if you want to drive change and do meaningful work. We’re a close knit team, high energy, and love to deliver for our customers!!
Current Investors : CommBank, x15ventures Kit is a business operating within x15, which is wholly owned by CommBank. Kit is not a CommBank financial product. Our partner Hay Limited (AFSL 515459), whose Shaype™ platform is our third-party technology provider, is the issuer of the Kit virtual account and prepaid card. These financial products are distributed by Kit as Hay Limited’s Corporate Authorised Representative.
Recent Milestone: We launched an iOS app in Beta in May 2022, as the latest venture from x15ventures, CommBank’s venture-scaling entity.
Why the name ?: Kit helps kids “Keep in Touch” with their money. A kit also contains everything you need, whether sports kits to school kits. Our in-app character is also called Kit, and is there as much to entertain, as educate, with fun facts and even jokes to give kids a laugh and to encourage them to engage with their parents about money.
Why did the business start?: Building financial capability is a huge need in Australia - and we know that parents are the strongest influence on their children’s financial capability, and it’s important to start early. Yet, there is a huge taboo around talking about money (48% of parents avoid talking about it). We saw a gap in the market for a digital app building kids’ financial capability in a ‘kid first’ way - designed to their developmental needs, and to give them a sense of ownership. In addition, we are evidence-based and take financial capability and education seriously - which is why our character Kit provides experiential education in a just-in-time, fun and bite-sized manner.