This post is part of our live coverage of FinovateFall 2014.
FamDoo launched its Modern Allowance:
“FamDoo allows parents to buy FamDoo Points or transfer their existing bank and/or loyalty points to our platform, then use those points to reward kids for completed tasks.This family rewards system is The Modern Allowance, an applied learning approach to fiscal management and financial literacy. Earned points can be saved, donated, and/or redeemed for a partner’s reloadable debit card product. FamDoo is actively seeking loyalty program and banking partners.”
Presenting: Mark Lacek, CEO & Co-Founder, FamDoo and Michele Landis, VP Business Development
Product Launch: January 2014 (soft launch); May 2014 (2.0)
Metrics: $1.8M raised, 5 FTEs & ~4 FTE contractors, 18,000 members, rated 9 out of 10 in kid pilot
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B) through financial institutions other FinTech companies and family-oriented platforms