US-based family finance app Jassby has raised an additional $5m to bring financial services to kids and families.

The funding round was joined by Moneta Capital and Needham Bank.

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The family finance app’s existing investors Blumberg Capital, Correlation VC, and PnP Ventures also participated in the round.

The latest funding brings the company’s total capital raised to $10m.

Jassby, which has now crossed 100,000 users, will use the investment to further its growth and accelerate its development roadmap.

Jassby CEO Benjamin Nachman said: “Advancing financial literacy is one of our core values as well as creating a world-class platform for kids and families: one that does not rely only on plastic cards and has no fees.

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“We have built a cutting-edge system that allows us to partner with schools, sports clubs and businesses to create a full eco-system for our users.

“I see us adding more and more layers of services to our App and we plan on raising an additional $20m later this year, to drive us closer towards one million users within a year.”

The fintech company offers fully digital platform which enables kids to receive money from their parents and grandparents, which they can save, donate, or spend.

Moneta VC managing partner Adoram Gaash said: “With vast smartphone penetration and the rise of e-commerce websites, for teens, shopping has become much easier and more accessible than ever before.

“Consequently, a US teenager spends an estimated $2,600 per year, while influencing another $5,000.

“Jassby has created a holistic digital financial ecosystem for kids, teens and their parents, which deals with the real issue of financial illiteracy, and lets kids use financial services in a very smart way.”