Yodaa Launches First-of-its-kind Innovation in Teen Banking
Neo-Bank for Teens, Yodda launches Stash and Split Bills features to promote savings and social finance amongst teenagers.
YoddA is building a community of smart, financially aware teenagers across India and SE Asia through its product offerings like a personal card and smart money
Yodaa, a teen neo bank designed to empower smart teenagers with the tools to understand and achieve financial independence, has built a Stash account for its users to encourage savings at an early age. Teens can use Stash to set up personal recurring savings plans, and parents have the option to contribute. Using Yodaas Split Bills function, teen members can split and settle bills easily within the Yodaa network.
Considering that financial planning isnt a big part of the curriculums being taught in Indian schools, the company believes that Yodaa and its features like stash and split bills can help build money management skills from a young age and create financially responsible adults in the future.
Speaking on the importance of learning to save and invest early, Founder Gaurav Sharma said, “Financial awareness is a vital cornerstone in every individuals life, but also one that has been neglected in recent times, leading to poor financial decisions among todays adults and a loss of wealth creation opportunities. With Yodaa and tools like Stash and Split Bills, we are trying to ensure that the next generation is well equipped to deal with the financial situations in their life with substantial savings and wealth creation mindset.
“To prepare children for a better financial future, parents strive to impart good money habits to them, and the Yodaa app’s perfect hands-on approach can help their children understand the importance of budgeting and saving,” he further added.
The Yodaa app is currently available for teens in India on the Apple App Store and Google Play and is being rolled out to the 30000 people who expressed interest by joining its waitlist. The company expects that this number will grow to 1 million teens by the end of 2023. In the coming months, the Yodaa app will be launched in the Southeast Asian market as well.
In light of the spike in interest among teenagers in the personal finance domain in recent years, Stash is one of the primary features being offered to members of the Yodaa community, along with tools to help send and receive money and resources to learn about personal finance.
The Stash feature in the Yodaa app allows teen members of the community to set up recurring savings plans – individually or with contributions from their parents.
Parents can also leverage this feature from their personal Yodaa app, which allows them to top up their teens card or Stash savings account. Yodaa members also have access to multiple opportunities for social finance within the Yodaa network. The Split Bills feature enables Yodaa members to split bills and settle them easily with the funds available on their Yodaa Card. They can also chat with other members and send/request money within the chat module.
Yodaa is a smart money app that empowers teens by offering a personal card and powerful app to spend, manage expenses, and learn about personal finance. The growing Yodaa community is a group of young achievers who support each other in their endeavours and gain a head start on self-development and personal finance.