Serial entrepreneurs Scott Donnell and Travis Adams have raised a $5.2 million seed round led by Altrus Capital and a pool of private investors to launch the GravyStack financial literacy app. Key investors include Chad Willardson, Mark Timm, Gino Wickman, Jim Kwik, Kate Wells, Loral Langemeier, and David Meltzer.
GravyStack, a sophisticated banking engine and gamification engine, will be launched in mid-2022. It incentivizes children and teens to earn and handle their money through a variety of skill-building and real-world challenges. Parents can supervise their kids’ account activity and set flexible controls, making GravyStack a fintech solution for the whole family.
“GravyStack is more than just a debit card for kids and better than the allowance,” said Donnell. “This is a financial road map for children in real-time. GravyStack breaks down the simplicity of money, from saving to spending to sharing, and combines innovative banking technology with 100 games to make it fun for kids to learn.”
“We both have several kids, and all of our investors are parents,” Adams. “We’ve faced the challenge of figuring out how to teach our kids about money, and what to tell them when they ask us for money. If you give them free money, like an allowance, you’re training them to expect this in the future. You open the door for an argument if you say no. These are not win-win situations. GravyStack gives parents a third option – to say, ‘Open up GravyStack. How can you make your own money?’”
GravyStack was able to hire key executives through the funding round, including Gary Arnold, Chief Banking Officer, who created Amazon Pay and PayPal Commerce Platform. John Fowler, Chief Product Officer, built multimillion-dollar businesses from the ideation stage to their exit.