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FamZoo Unveils its Prepaid Card Family Pack to Enable Kids to Save and Spend with their Own Prepaid Card


This is a part of our live coverage of FinovateSpring 2013.
Then, FamZoo launched its Prepaid Card Family Pack:

“The Prepaid Card Family Pack is a uniquely affordable, convenient, and educational MasterCard reloadable card offering designed specifically for families. Linked together and accessed online through FamZoo’s Virtual Family Bank software, the cards are used collaboratively to share funds between family members and develop financial responsibility. 

Parent cards serve as the automated funding source for allowance, chores, odd jobs, ad-hoc transfers, reimbursements, compound interest, and matching contributions. Children sign in separately to monitor spending, while parents retain control through a shared dashboard. Additional tools include collaborative budgets, interactive savings planners, “child bill pay,” and automated IOU tracking.”

Product Launch: May 2013
HQ: Palo Alto, CA
Founded: 2006
Metrics: Private Funding $1.1M, launched 2010, FamZoo Partner Edition launched 2011 (FinovateFall 2011 Best of Show winner), 5,000 registered families, 13.7% trial-to-paid conversion rate, $1.4M of spending/giving transactions by kids tracked to date
Twitter: @FamZoo
Presenting Bill Dwight (CEO & Founder)