Kiddie Kredit App Offers Gamified Chores to Teach Children about Credit
Miami-based startup Kiddie Kredit, founded by Evan Leaphart, has secured $1.4 million in funding to expand its financial literacy app for children. The app has received backing from investors such as Nueterra Capital, Plain Sight Capital, Fuerza Ventures, Verve Capital, and former professional athletes Dwyane Wade and Baron Davis.
NBA star Dwyane Wade expressed his support for Kiddie Kredit, emphasizing the importance of educating children on credit from an early age. The app targets kids aged 4 to 12 and uses a gamified approach to teach credit fundamentals by assigning chores and tasks that earn points towards a kredit score.
Evan Leaphart's personal experiences with credit challenges inspired him to create the app. Since its launch in 2019, Kiddie Kredit has been used by over 12,000 families in South Florida, helping children understand the importance of credit and financial literacy.
While the app doesn't monetize directly from families, it has formed a partnership with Equifax to advertise the Equifax Family Plan on the parent side of the app. Kiddie Kredit also allows partner organizations to interact with the app, contributing activities and rewards, and sending push notifications to parents.
Leaphart mentioned that organizations can unlock more than 250 hours of financial literacy content that adheres to multiple National Financial Literacy Standards, providing an invaluable educational journey for families.
Kiddie Kredit has a history of participating in notable programs, such as Amazon's Black Founders Build with Alexa cohort 2022, Google for Startups' Black Founders Fund 2022, and EndeavorLAB cohort 2021. The app started generating revenue in 2021, experiencing a 150% growth between 2021 and 2022, all achieved organically without a marketing budget.
The company is now looking to broaden its reach into the teen market, considering the addition of a true credit product tailored to its expanding user base. Leaphart aims for Kiddie Kredit to become a domain expert in the Generation Alpha space, accompanying users on their financial literacy journey.