Bangalore: Yodaa, a smart money card and neo bank for teens, designed to empower smart teenagers with the tools to understand and achieve financial independence, has launched a Stash account and Split Bills feature for its users to encourage savings and social finance at an early age.
In light of the spike in interest among teenagers in the personal finance domain in recent years, Stash is one of the primary features being offered to members of the Yodaa community, along with industry-first tools to help send and receive money, split & settle bills, and resources to learn about personal finance.
The Stash “savings” feature in the Yodaa app allows teen members of the community to start saving money every month. The teens can set up recurring savings plans where money is automatically saved for them at regular intervals. Yodaa App also allows the Parents to top up their teen’s card, and/or contribute to teenagers’ savings goals. 34% of Yodaa users start their savings Stash plan within the 1st month of using Yodaa App, thereby learning a lifeline and useful skill at an early age.
Yodaa members also have access to multiple opportunities for social finance within the Yodaa network. The Split Bills feature enables Yodaa members to split bills and settle them easily with the funds available on their Yodaa Card. They can also chat with other members and send/request money within the chat module.
Speaking on the importance of learning to save and invest early, founder Gaurav Sharma said, “We’re building an all-in-one banking and lifestyle solution that primarily focuses on teens and parents. We want it to be a teen’s first bank account. We want to be a teen’s first spending card. And we want to teach financial literacy and responsibility first hand.”
“With Yodaa and tools like Stash and Split Bills, we are trying to ensure the next generation is well equipped to deal with adulthood with strong savings and wealth creation mindset.”
The Yodaa app recently moved to public-beta and is now available to the teenagers in India on the Apple App Store and Google Play Store, and is being rolled out to the 30000+ teens who are already on the waitlist. Yodaa is looking to build a strong community of 1 million active users in India in the next 2 years. Yodaa will also be launched in Singapore in August 2021.