According to a survey by the personal finance comparison site , Finder . com , children in the UK are embracing fintech . The data showed that 61 % of children between the ages of 10 and 15 in the UK use an app to manage their pocket money .

10-year-olds But it ' s not just the teens who are managing their money electronically . The data showed the 49 % of 10-year-olds were receiving and saving their pocket money through specially developed apps that keep a track on their spending , and incentivise them to earn more money by carrying out chores that are then logged on the parent version of the app .

More young savers As well as encouraging a sensible savings mentality , the apps encourage youngsters to engage with different financial products and services through gamification incentives . The study went on to show that since 2016 , Google search interest in the term ‘ kids debit card ’ has risen 227 %, with a rise of 42 % between 2020 and 2021 alone .

� POMELO The Latin American fintech , which launched earlier this year , has just raised $ 35mn in a Series A funding round led by Tiger Global .

� CRED The Indian fintech CRED has been valued at $ 4bn following its most recent $ 251mn fundraising drive . The startup has amassed over 7.5 million members .

� MONZO UK challenger Monzo has withdrawn its application for a banking licence in the US following application difficulties that have been ongoing since April 2020 .

� CREDIT SUISSE Swiss police recently raided Credit Suisse offices and seized documents relating to the failure of the bank ' s $ 10bn range of supply chain finance funds that were linked to Softbank-backed Greensill .

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