BankingON raises Series A funding led by Eagle Venture Fund to launch Boucoup, a family finance mobile banking platform for credit unions
AUSTIN, TX (January 17, 2024) — BankingON, the leading provider of award-winning digital banking solutions, today announced it raised its Series A funding round led by Eagle Venture Fund to launch Boucoup™, a family finance mobile banking and interactive learning platform for credit unions.
With Boucoup, credit unions can offer more than simply youth checking/savings, they can empower parents to model and teach essential money skills to their children through convenient tools like instant allowances and chore-based rewards. With Boucoup, teenagers can safely experience financial products, so they are better prepared for adult life.
BankingON believes credit unions should never outsource their brand and members to fintechs, so they built a platform that uses the credit union’s existing core banking system and existing branded debit card. Boucoup offers an intuitive graduation feature that allows members to transition seamlessly into the credit union’s ‘adult’ checking/savings.
“Boucoup’s mission is to increase money skills and peace of mind for the next generation. By partnering with credit unions, we’re building a powerful force for financial literacy,” said Alexey Krasnoriadtsev, co-founder and CEO of BankingON. “We’re not just providing software tools; we’re fostering a community where parents and teens have the information and interactions they need in their financial learning journey. This partnership is a win-win, ensuring credit unions grow their member base while helping teens develop habits that will serve them well as they become adults.”
“As Millennials become parents and the new generations come of age, a significant market opportunity is being created. Parents are looking for tools to teach digital natives about money. We believe that BankingON is uniquely positioned to leverage their trusted track record of proven products to provide a comprehensive banking and educational solution for credit unions, enabling them to attract and retain this emerging demographic,” said Wade Myers, General Partner of Eagle Venture Fund.
BankingON is an Austin-based CUSO of B2B2C digital banking solutions committed to empowering Credit Unions to help parents raise money-smart children. Boucoup, its family finance platform, helps CUs offer a valuable, free, branded digital mobile app for parents and teens. With Boucoup, parents can teach teens essential money skills, including earning, spending, and saving, through a fun and interactive platform. Teen-optimized UI and features include instant allowances, chore-based rewards, flexible spending controls, and real-time transaction notifications, all within one seamless mobile app.