How they describe themselves: FamDoo is a new allowance system focused on developing life-ready kids, one task at a time. We use technology to connect parents and their kids in a way that encourages positive communication and measurable achievement. Armed with strategic partnerships and current technology, we apply proven loyalty-based methods to create a family rewards system with real-value points. Points earned can be saved, donated, or spent at numerous merchants including iTunes®, Target®, Best Buy® and Amazon.com®.
How they describe their product/innovation: 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.
Product distribution strategy: Direct to Consumer (B2C), Direct to Business (B2B) through financial institutions other FinTech companies and family-oriented platforms