Natwest Acquires Roostermoney

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Natwest Acquires Roostermoney

NatWest Acquires RoosterMoney

London-based NatWest financial institution has acquired RoosterMoney, a fintech startup in the United Kingdom, under a plan to expand the money management services to young people and families. The acquisition amount is undisclosed.

RoosterMoney is well-known for its pocket money app made for kids. It was launched in 2016 with a focus to promote habits of saving money and earning money among children. It features customized interest rates, chore reminders and rewards charts. The level of these can easily be set by parents.

At the unexpected incidences of lost cards, parents can easily freeze as well as block the payments for specific merchants. The app is equipped with real-time notifications for all the spending. It currently serves about 130,000 users in the country.

RoosterMoney CEO Carmichael said it is believed the two companies can help more children and parents as both are aligned to the same goal.

NatWest will benefit from expanding its services to younger people with the acquisition. It has lately launched Island Saver product, which is a free game and offers educational materials on money management. It simultaneously is working with influencers with respect to finding ways in preventing messages of scam and fraud.

According to the company, they have researched the relationship of money with young people and it is important to build confidence among them with the help of money management teaching. The research found about 88 percent of parents look for building money management confidence among the children and 76 percent believed more unlocking powers are required as the younger ones learn the segment. Moreover, most parents agreed to get an option to practice money management with their children.

An insider at NatWest said the money segment is changing and the company is looking ahead to help parents and children feel capable and confident.

About NatWest

NatWest is the acronym for National Westminster Bank. It was founded by Alison Rose and Sir Howard Davies in 1968 with the merger of Westminster Bank and National Provincial Bank. It is headquartered in London, UK. It deals in major retail as well as a commercial bank in the country.

It currently has more than 960 branches along with about 3,400 cash machines. It offers 24/7 online banking and Actionline telephone services. It has over 850,000 small business accounts and more than 7.5 million personal customers. It grabbed the Best Banking App award in 2017.

NatWest has sponsored several sports and events including cricket tournaments in England, Southern Paintball League and Island Games.

It is believed the company would sponsor more such events in the future with the expansion in the region.

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