Australian family finance app Spriggy has raised $25.7m (A$35m) in series B funding round led by NAB Ventures.

Existing investor Grok Ventures also joined the round along with Perennial Value Management.

The firm will use the proceeds to fund its expansion programme and triple its team size over the next year.

The children-focused fintech’s first offering is focused on digital pocket money and is built around a mobile app for families and a personalised prepaid card for young customers.

It can be linked to any Australian bank account and enables parents to set savings goals, link pocket money to chores, lock the card and restrict age-inappropriate spending.

NAB said it plans to work with Spriggy to develop new features and expand its footprint to reach more families.

Spriggy co-founder and co-CEO Alex Badran said: “A typical Aussie family will spend hundreds of thousands of dollars over the course of raising kids. We can help make every step of that important responsibility less stressful for parents and more educational for their kids.”

As per the terms of the deal, NAB Ventures executive Todd Forest will join Spriggy’s board of directors.

Todd Forest added: “We’re excited to support one of Australia’s best product-centric start-ups. Spriggy’s growth is due to its strong leadership and a clear focus on financial education assistance for families.”

The round follows A$12m series A funding led by Grok Ventures in 2019.

Grok Ventures CEO Jeremy Kwong-Law said: “The team has done a great job scaling Australia’s top-rated pocket money app to over 500,000 happy customers. They are brilliant at understanding customer pain points around family money management.”