goalsetter

Company Profile: Goalsetter

Overview

Goalsetter is a distinguished financial technology company located in New York, focused on financial education and wealth-building for families. Utilizing a unique blend of interactive learning - including games, memes, and pop culture - it specifically targets children and teenagers. While Goalsetter itself is not a bank, its banking services are delivered through Webster Bank, N.A., a Member of FDIC.

Product Features

Goalsetter's flagship product is an award-winning mobile application promoting savings, investment, and financial education:

• Goalsetter App: An innovative tool that systemizes savings, investments, and earnings, enabling children to cultivate financial literacy. Features such as round-ups, auto-save, customizable allowances, and chore management enhance the learning experience.

• Debit Card ("Learn Before You Burn"): A unique debit card designed to promote financial literacy, featuring a freeze option if the user fails to complete financial quizzes.

• Goalsetter Gold: Facilitates investments in ETFs and stocks through fractional shares, offering parental oversight of children's investments.

• Moneylingo™: Provides an engaging educational experience with interactive quizzes and videos, making learning about finance enjoyable.

Market Position and Achievements

Recognized by Fast Company as a “Finance Brand that Matters”, Goalsetter has won the FinTech Breakthrough Award for “Best Financial Education Platform” along with accolades like Venture Tech’s "Best in Show" and NACUSO’s "Next Big Idea Competition." The platform boasts high user engagement, with 91% of families preferring its educational methodology over traditional learning, and 83% of students mastering financial concepts.

Leadership and Team

Goalsetter's leadership is spearheaded by:

• Tanya Van Court: Founder & CEO, an advocate for financial literacy among youth.

• Justin Harris: Chief Financial Officer, stationed in San Francisco.

• Juan Gamez: Head of Product and Engineering.

• Andree Hurtubise: VP of Partner Success.

Financials and Funding

The company has raised $31.5 million across eight investment rounds, attracting 39 investors, including PNC and Morgan Stanley. Recent funding, a Series A extension of $9.6 million, is focused on expanding the company’s reach and forging strategic partnerships with financial institutions. Goalsetter's valuation stands at $75 million.

Strategic Partnerships and Collaborations

Goalsetter collaborates with an array of institutions like schools, banks, and credit unions to enhance financial literacy. Notable recent partnerships include an alliance with Envestnet to broaden educational outreach. The creation of a financial wellness webinar series alongside the University of Phoenix further underscores their commitment to financial education.

Awards and Recognition

The company has consistently received accolades, signifying its impact:

• FinTech Best Personal Finance Product Award (2022, 2024)

• Venture Tech "Best in Show"

• MD|DC Credit Union Association FinTank Winner (2023)

Competitor Profile: Goalsetter

Overview of Main Competitors

1. Greenlight

• Description: Offers a money management platform aimed at enhancing financial literacy within families, utilizing a smart debit card for parental oversight and spending control.

• Headquarters: Atlanta, GA

• Employees: 201-500

• Founded: 2014

• Key Investors: Backed by Drive Capital, JP Morgan Chase, Wells Fargo, and Amazon.

• Goal: Focuses on fostering financial acumen in youths by merging money management with educational features.

2. GoHenry

• Description: Provides financial education through a prepaid debit card and app, targeting kids aged 6-18.

• Founded: 2012

• Headquarters: London, UK

• Employees: 201-500

• Mission: Offers gamified education to over 1.5 million members with an emphasis on financial literacy.

3. Step Mobile

• Description: A mobile platform offering banking services tailored towards teen financial independence.

• Founded by: CJ MacDonald and Alexey Kalinichenko

• Key Investors: Supported by Stephen Curry, Will Smith, and Jared Leto.

• Unique Offerings: Provides a credit-building banking experience with user-friendly interfaces.

4. UNest

• Description: Allows investment in children's futures via a fintech app focused on tax-advantaged savings accounts.

• Headquarters: North Hollywood, California

• Employees: 11-50

• Vision: Provides a smart financial tool for long-term child savings.

5. Till Financial

• Description: Aids family-oriented financial education with practical banking tools and concepts for kids and teens.

• Headquarters: Massachusetts

• Approach: Offers engaging educational experiences focused on real-world money management skills.

Comparative Analysis

Goalsetter's competitors such as Greenlight, GoHenry, Step, UNest, and Till Financial also provide financial educational and banking services for similar demographics. While all focus on delivering financial literacy via debit cards, savings tools, and interactive learning, they distinguish themselves through unique features like GoHenry's gamified approach or Greenlight's comprehensive investment options. This competitive landscape reflects a dynamic market where successful differentiation and innovation are crucial for gaining market share.