Financial literacy app for teens Wingocard shuts down

Wingocard, a mobile banking app designed to connect teens to the cashless mobile economy and build financial literacy skills, is set to close on May 18.

Wingocard closes its doors

The Montreal-based fintech was founded in January 2020 and launched in May 2021, raising a total of $3 million in two rounds of seed funding, including a $1.7 million round last May led by Panache Ventures .

In a statement on its website, the company says, “We are extremely proud of what our small team has accomplished in such a short time. During this period, we have had the privilege of interacting with thousands of teenagers and parents in order to better understand their needs.

“Unfortunately, it is with great sadness that we inform you that we will not be able to continue this journey.”

In a note on Twitter, Salvatore D’Agostino, co-founder, CTO and VP product and engineering of Wingocard, writes: “Towards the end of 2021, Wingocard was looking for interested investors to allow us to continue our mission. Unfortunately, we were unable to close a round of funding.

He adds that the company is “working hard to find a home for all of our incredible team”.

Wingocard was designed to make teens more financially independent and allowed users to request money from parents, manage their finances in-app, and make purchases with their Wingocard Visa debit card.

At launch, Wingocard had over 75,000 teens on its waitlist and claimed that over 65% of teens who signed up subsequently shared the app with their friends.

The company participated in Visa’s Fintech Fast Track program, a sandbox that supports digital payment innovation by simplifying the process of working with Visa to develop and launch new fintech products. Other participants in the program include fintech credit card solutions Deserve and LGBTQ+ challenger Daylight.

Sarah J. Greer