Goalsetter, a spending, saving, wealth-building, and financial education platform, announced the closing of a $9.6 million Series A extension round. This newest funding round for Goalsetter was led by an affiliate of Edward Jones and MassMutual through its MM Catalyst Fund. The Series A investors Fiserv, Webster Bank, Seae Ventures, Astia Fund, and Partnership Fund for New York City participated in the round, along with new investors Reseda Group and InTouchCU.
Goalsetter’s offering of family-friendly and youth-driven financial education tools differentiates them in the banking for teens market. Along with learning about money through gamification and fun GIFs and memes — features like “Learn to Earn” (lets kids earn money for every financial quiz question they answer correctly) and “Learn Before You Burn” (enables parents to automatically freeze teens’ and tweens’ debit cards if they have not taken their financial quiz for the week) — differentiate them in the banking for teens market.
Since its last raise in January 2021, Goalsetter has focused on establishing partnerships with companies and financial institutions committed to transforming financial education and access to wealth. The Series A extension funding will provide Goalsetter with the runway necessary to continue forging new B2B alliances while successfully implementing existing programs ahead of a Series B funding round.
Goalsetter has successfully collaborated with banks and credit unions, enabling them to offer Goalsetter’s App platform as a white-labeled youth banking solution anchored by age-appropriate and gen-next relevant financial education tools. So far, Goalsetter has also signed partnerships with large-scale financial services companies, including Fiserv, Trustage, and CUNA Strategic Services, along with leading financial institutions, including MSU Federal Credit Union, InTouch CU, Solutions Bank, and Liberty Bank.
The extension funding will enable Goalsetter to secure additional signed partnerships with financial institutions, including banks and credit unions, and launch new alliances by the end of the year. It will also facilitate the launch of live bank and credit union product implementations and core processor integrations, making Goalsetter’s award-winning educational, savings, spending, and investment platform accessible to banks and credit unions across multiple technology platforms.
This year, Goalsetter announced a partnership with Envestnet – the country’s largest turnkey asset management program (TAMP) – to enable financial advisors to deepen their offerings and relationships with women and younger consumers through Goalsetter’s platform. The additional funding will enable Goalsetter to activate this partnership and provide its family finance platform to more wealth-management firms and families nationwide.
Goalsetter has also partnered with several school systems to bring the Goalsetter app to students and signed partnerships with the Edward Jones Foundation, Nike, UBS, Deutsche Bank, and others to fund school-based financial education with Goalsetter Classroom. This extension will further Goalsetter’s strong growth trajectory in the education space, enabling it to partner with additional school systems in the 2024-2025 school calendar year.
KEY QUOTES:
“Our new Series A extension marks a significant milestone for Goalsetter as we continue to redefine financial education and inclusion across America. This funding will empower us to enhance our B2B offerings and forge stronger partnerships with credit unions, banks, and wealth management institutions, expanding our reach and impact to ensure that the next generation can grow into savvy savers and investors. This is an investment in Goalsetter and in the future financial well-being of millions of young Americans. Together, we are building a foundation for a more equitable and financially literate future for all.”
– Goalsetter Founder and CEO Tanya Van Court
“Goalsetter has successfully produced measured and meaningful positive outcomes as it helps families of diverse demographics increase savings and practice smart spending habits, making them a unique player in this market. At MassMutual, we know the value and importance of helping all Americans achieve financial well-being and look forward to continuing to support Goalsetter as it helps close the financial literacy gap across the country.”
– Liz Roberts, Head of Impact Investing at MassMutual
