NatWest has acquired children’s banking FinTech RoosterMoney.

Launched in 2016, the London-based firm provides an app which aims to help children learn about money in a safe environment.

Parents can immediately freeze a child’s card if it is lost and block payments to specific merchants via the app according to Rooster.

The app also provides parents with real time notifications of their child’s spending as well as a “contactless counter”, which provides a visual representation of how far away they are from having to input their pin number.

The vast majority - 88 per cent - of parents felt support to help their children practice new financial skills in a safe space would be helpful according to NatWest’s statistics.

Over three-quarters of parents - 76 per cent - agreed the ability for them to unlock more powers for their children as they learn would be beneficial according to NatWest, while 80 per cent felt the option for them to practice together with their child would be helpful.

Rooster claims its app has over 130,000 users in the UK
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NatWest have launched other initiatives earlier this year aimed at improving young people’s financial management; the bank launched a new app called ‘Housemate’ which allows house sharers to split bills in August.

“We want NatWest to be the easiest and most useful bank for families and young people,” said Simon Watson, head of youth, retail banking at NatWest Group. “Rooster have built a brilliant app with best-in-market features that we’re excited to offer to NatWest customers.”

He added: “We know that the world of money is changing, and we want to help parents, carers and young people feel confident and capable – Rooster helps us do just that.”

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