How Gimi is promoting financial education for children with open banking
Swedish startup Gimi is helping kids learn about financial responsibility with an engaging app that lets them manage and save their money. Find out how the Gimi app is leveraging open banking to empower kids to better handle personal finances while giving the parents a transparent view of their kids’ spending.
Swedish startup Gimi is promoting financial education with an app that helps kids manage their money.
The app teaches basic concepts like budgeting, saving and investing, with gamification features that motivates kids to handle their money consciously.
Gimi is using open banking technology to give children – and their parents – a better understanding and control over their spending.
Many young people don’t understand the value of money in today’s cashless world. It can be difficult to learn how to handle money or know the basic concepts of finances when digital money has become the norm.
According to the OECD, almost two out of three teenagers don’t understand how to read their bank statements. And the 30 million children in Europe that do have bank accounts do not have access to a child-adapted app.
That’s where Stockholm-based fintech startup Gimi comes in.
A money management app for children
Launched in 2015, Gimi is a comprehensive app for children, teenagers, and parents designed to give children the knowledge and skills needed to make thoughtful, well-informed financial decisions.
The app teaches kids basic concepts like budgeting, saving and investing. Based on scientific research, the app has a gamification element that motivates kids to handle their money consciously – while letting parents be part of the experience.
Teaching financial responsibility with open banking
After signing up with Gimi, parents are able to add their children’s bank account to the app. With Tink’s Transactions product, parents can connect to their bank to fetch the transaction data from their child’s account.
Once the account is added, both children and parents can see the bank account balance and spending activity in the Gimi app.
Thanks to the financial data they can access through open banking, users can more easily understand and evaluate their purchases, access spending feedback and learn with personal finance lessons offered in the app. They can also set up savings goals, and earn money by doing chores around the house.
See where the money goes with a transaction overview
With an upcoming feature (powered by Tink’s Payment Initiation), parents will be able to seamlessly pay allowances or send pocket money from their bank account – in just a few clicks – straight from the Gimi app.
Open banking for the win
‘The Tink integration is fundamental for us to achieve our goal of increasing financial inclusion and literacy in children,’ says Philip Haglund, the CEO and founder of Gimi. This open banking partnership allows children to unlock all of Gimi's educating features to be used with their bank account, so they can manage their own money in a child-friendly app – where gamification and educational content play a central role.
Interested in learning what open banking technology could do for your business? Get in touch.
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