Till expands the concept of teen banking in launch of family challenger bank

Till, a fintech founded by dads Tom Pincince, Taylor Burton, and Brian Chemel, markets itself as the first collaborative financial platform specifically built for families.

Why should we care?
Recent years have seen considerable growth of teen-oriented challenger banks such as Greenlight, Current, Step, and many others. With Till, customers can plan their financial lives as a single unit, while offering children opportunities to learn about good money management. Any U.S. resident adult can set up an account as a family owner, and set up a family account with kids, grandparents and “supporters,” or friends of the family who may contribute to financial goals. The platform allows parents to digitally move money to every dependent within the family according to goals they may set. The New York-based company, which has raised $5M, said the platform encourages “open and honest” discussions between parents and their kids. “Parents and the current banking options miss the point when they just focus on savings. We need to first prepare kids to be smarter spenders, supported by savings and investing,” Taylor Burton, co-founder of Till, said in a statement. The company wants its platform to be used by friends and families to collaborate on common financial goals – from birthday presents to college financial planning. Till doesn’t charge any fees to join the platform, which suggests debit card swipe fees may be a part of its monetization plan. The company says it also plans to build partnerships with merchants.