Till Partners with Parents and Banks to Teach Kids About Money
March 14, 2023
In today’s world, educating kids about money takes more than an old-fashioned piggy bank. Till Financial is designed to foster financial literacy among teens by giving parents the tools and resources they need to help teach their children how to manage money and develop positive spending and saving habits.
The centerpiece of Till’s offering is a banking app and companion debit card (with a shared balance) that together serve as a collaborative financial tool for families, enabling parents to transfer money, assign chores and track their kids' spending, among other features.
Galileo recently spoke with Till president and co-founder Taylor Burton about the company’s mission to help parents and kids stay accountable and develop the confidence needed to make better money-management choices together.
Mission: “It turns out parents are terrible at teaching their kids about money, finance, and anything that has to do with responsibility when it comes to the wallet,” said Burton “So, we basically come in as a companion to that parent, and give them some early touch points to start speaking with their kids about–and more importantly, get some transactions flowing by the child on behalf of themself.”
Founding: Founded in 2018 by a trio of veteran entrepreneurs and dads–Burton, along with Brian Chemel and Tom Pincince–Till launched its platform in April 2021 and has raised a total of more than $6 million in venture funding from investors including Elysian Park Ventures, Lightspeed Venture Partners and Magnify Ventures.
Location: Headquartered in Nantucket, Mass.
What Galileo does for them: Galileo supports Till’s physical and virtual debit card with payment processing and shared account features.
“Galileo has built a solution that allows us to have as much flexibility below the waterline as we need, and in this environment, with the pace at which fintech is changing, we need to be able to be incredibly nimble,” noted Burton. “What Galileo has done with its product side allows us to do anything that we can think of today, but also plan for the future.”
Use-Case: Under Till’s B2B2C distribution model, “we actually become an embedded fintech partner of a business that already has a relationship with the [end-user] family,” Burton said. “So think about a domestic travel program or a bank; we come in and we’re the family banking partner.”
Impact: “I think that we’re doing a lot to build what the future of banking looks like,” said Burton. “And I think the future of banking is bright; it’s going to be more financially literate, with people understanding their personal finances better and making smarter decisions." Till’s family banking platform is helping accelerate that more broadly by getting kids and their parents more comfortable using these types of tools.
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