January 12, 2016. Amsterdam - Amsterdam based FinTech startup Otly has been named one of eight recipients who received funding from the SIDN fund. The SIDN fund is an initiative of SIDN, the Dutch organisation for the .nl domain name registration. The recognition of Otly’s mission, to provide the first banking experience for kids, comes after a successful year for the young startup. With the win of UberPITCH and graduation from the Rockstart Accelerator programme in 2016, Otly finds itself starting 2017 with another great achievement. The SIDN Fund subsidy will be used to continue the development and improvement of the junior banking platform.
Otly CEO Lior Bornshtain says that “Being named one of the ‘potentials’ by SIDN is another confirmation for us, a stamp of approval if you will, that we are heading in the right direction. We see the demand for our app growing every day and we are still in the early stages of achieving our mission, to create a banking experience that kids and parents love.”
Safe Financial Ecosystem
In an increasingly cashless society, kids are being left behind when it comes to financial education and methods for them to spend their own money. Otly aims to change this by creating a safe financial ecosystem, with the prime purpose to help children with their financial education and financial inclusion in the digital age. The platform empowers the children to independently save and spend their allowance in a safe and controlled environment, learning how to be smart about money along the way.
Otly is an Amsterdam based startup with a focus on the early financial education by providing a safe financial ecosystem. Providing apps for both the parents and children, Otly has taken the first steps to realising the first banking experience for kids. Otly was founded in 2015 by Lior Bornshtain and Vedran Vego, who have over 25 years of combined experience in the FinTech industry.
About the SIDN Fund
SIDN Fund stands for ‘a strong internet for all’. They provide financial support to ideas and projects that aim to make the internet stronger or that use the internet in innovative ways. By doing so, SIDN Fund wants to help increase the social impact of the internet in the Netherlands. SIDN Fund is an independent foundation established by SIDN, the foundation for internet domain registration in the Netherlands. Great importance is attached to the social value of the projects and to the involvement of the internet community. SIDN Fund has an advisory panel made up of representatives of the Dutch internet community. The panel provides the Fund with advice, particularly with regard to the assessment of project proposals.
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