Welcome Wingocard: Empowering Teens With Financial Autonomy
May 19, 2021
How the idea came to be
In 2019, there was early traction around leveraging technology to serve families with their finances. We noticed one demographic that banks and traditional financial players largely ignored: teenagers.
“As we started to do our research interviewing teens and parents, we found a consistent pain point for both, which was needing to find a better way for teens to spend online in a growing digital world,” said Amelie Foz-Couture, Partner at Diagram"
With nearly 53% of children in the United States now owning a smartphone by the age of 11 and consumer spending shifting online, it became clear that “teen banking” would become ubiquitous in the coming years. We developed an investment thesis for a mobile-first banking application that fit both parents and their kids’ needs.
Having two teenage sons, Sebastien Brault, a five-time entrepreneur, and angel investor, understands the challenges of family finance: whether it be the inconvenience of handing over his credit card every time there is a need to buy something online, having no proactive controls, or managing cash allowances with limited visibility into where it is spent.
Sebastien assembled a team and decided to partner with Diagram. They validated the value proposition with a landing page and waitlist. Not only did it resonate with parents, kids believed that a “teen bank” was necessary, and the waitlist grew to more than 75,000 people. After months of testing, development, and scaling the team, we’re excited for Wingocard’s public launch today.
“Partnering with Diagram has been invaluable in helping us build Wingocard in a way that offers teens easy-to-use tools to manage their money digitally, while helping them to learn what it takes to manage financial autonomy,” said Sebastien Brault, CEO and Co-founder of Wingocard."
Wingocard aims to instill financial literacy from a young age and is designed to help teens learn how to save, budget, and understand how to manage their money.
It is free to sign up through the Wingocard app, and teens aged 13 and older can link their account to a parent or guardian’s bank account. Wingocard allows teens to seamlessly request money from their parents, manage their finances in the app, and make purchases with their Wingocard Visa Debit card. Teens can also use the app to receive an allowance and learn to manage their finances while gaining a sense of financial autonomy. With features including no overdraft fees, FDIC-insured funds, and industry-leading security, parents have additional peace of mind.
At Diagram, we are continually inspired by the talent and passion founders bring to each idea. We look forward to supporting Wingocard and their mission to support families by giving them the best experience while providing education on personal finances at the earliest stage.
As of today, Wingocard will begin granting access to the app for users on it’s waitlist. Get your Wingocard and learn more about the company by visiting their website.