Neo Bank for teens to promote savings and social finance amongst teenagers

Yodaa, a teen neo bank has built a Stash account for its users to encourage savings at an early age. Teens will be able to use Stash to set up their personal recurring savings plans, wherein parents will also have the option to contribute. The teen neo bank is designed to empower smart teenagers with the tools to understand and achieve financial independence. Using the Yodaa’s Split Bills function, teen members can split and settle bills easily within the Yodaa network.

Yodaa 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 app.

Considering that financial planning isn’t 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.

Founder and CEO, Gaurav Sharma speaking on the importance of learning to save and invest early says, “Financial awareness is a vital cornerstone in every individual’s life, but also one that has been neglected in recent times, leading to poor financial decisions among today’s 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 a wealth creation mindset.”

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.

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 30,000 people who expressed interest by joining its waitlist.

Parents will also be able to use the Stash feature from their personal Yodaa app, which will allow them to top up their teen’s card or Stash savings account. Yodaa members will also have access to multiple opportunities for social finance within the Yodaa network. The Split Bills feature will enable Yodaa members to split bills and settle them easily with the funds available on their Yodaa Card. They will also be able to chat with other members and send/request money within the chat module.