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Galileo Partners With Verizon to Create Family Money

June 15, 2021

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Verizon Family Money gives parents tools to help kids save, spend, earn, and become money-savvy

Today, Verizon introduced a new tool for parents to help their kids as they take charge of their financial future. Verizon Family Money enables parents to help kids save, spend, earn and become money-savvy, all within an easy-to-use app and prepaid debit card. Kids get an experience designed with them in mind, including a spending account with a prepaid debit card, and a savings account to save for future goals. Parents are always in control and can have peace of mind with tools to help teach financial literacy.

Verizon partnered with Galileo, the API standard for card issuing and digital banking, to create the fintech platform Family Money is built on. The Family Money Prepaid Visa Card is issued by Metropolitan Commercial Bank.

“With Family Money, we’re showing what’s possible when tech and financial services come together. Building on the success of products like the Verizon Visa® Credit Card and the tools we already have for families as they grow with us, like Verizon Smart Family service and GizmoWatch, Family Money provides even more value to our customers based on their unique needs. It’s the perfect way to help kids learn the ins and outs of managing money and yet another way we’re providing real benefits to our customers outside of the reliable connectivity they know and love us for,” said Todd Oberstein, Executive Director Product Management and Development at Verizon.

“The Verizon Family Money product is destined to be a gamechanger in helping young people develop healthy relationships with their money, under the direct supervision of their parents or guardians,” said Galileo’s CEO Derek White. “We applaud Verizon for promoting financial responsibility to the junior members of households, providing the education and tools to develop smart spending and saving habits to stay fiscally fit throughout their lifetimes. And Galileo is delighted to be Verizon’s partner in this effort, providing the extensible, modern APIs for creating Verizon Family Money spending and rainy-day accounts and debit cards, along with ongoing support to manage the day-to-day requirements of this outstanding new program.”

Click here to read the press release.

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