Fintech Vybe, which plans to set up a challenger bank targeted at teens, has reportedly received $2.9m financing.

The fundraising is said to be a round extension from current backers, including ex-Crédit Mutuel Arkéa chief Ronan Le Moal, Kick Club and Manoel Amorim.

At present, the French company is trialling its offering with a soft launch, offering a Mastercard card with an e-wallet, reported TechCrunch.

Parents will be able to view payments, set up limits and even block the card if required, according to the report.

Those under 18 years of age have to go through the KYC process with parents for opening accounts.

The report further said that Vybe intends to generate revenue from interchange fees and partnership with brands and a reward system.

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In March last year, Revolut launched a new banking app called Revolut Junior to teach financial skills to kids. It comes with a specially designed Junior card.

Last November, Revolut Junior introduced a Co-Parent feature enabling parents to invite a team mate to jointly manage their child’s bank account.

Similarly in October 2020, JPMorgan Chase launched a new Chase account to help kids develop healthy saving and spending habits.

Customers on paid plans (Premium and Metal) will be able to use the new feature at no extra cost. The lead parent can invite a Co-Parent to join Revolut on any plan, including a Standard plan.

Called Chase First Banking, the new account is available exclusively for Chase retail deposit account customers.