In Latin America, only 30% of Latin Americans have received financial education, so a service like Mozper’s is far more necessary, according to Yael Israeli, the co-founder of Mozper.
Mozper intends to charge a fee for access to a debit card and its app. The app allows parents to deposit the allowances to their kids and to monitor their spending.
Mozper has already managed to raise roughly $1.5M through the founders’ personal connections. It wrapped up a pre-seed investment for $770K with DUX Capital and John Farrell, an angel investor, leading the round.
Mozper launched in Mexico in late July and plans to expand into Brazil. The company uses Toka as its sponsor bank and is working on getting its fintech license from the Mexican government. Mozper has also partnered with Visa on card processing services.
“We want to help parents in Latin America raise a financially savvy generation, it’s really among the most important things parents can do for their kids,” said Gabriel Roizner, the Co-founder of Mozper.
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