What Mydoh does

Mydoh is a Canadian mobile money management platform designed for families with children aged 6 to 17, built and operated by Royal Bank of Canada as part of its RBC Ventures portfolio. The core product is a free iOS and Android app that pairs a parent-controlled dashboard with an RBC Visa Prepaid Smart Cash Card (available physically and digitally through Apple Pay and Google Pay), enabling children to earn money via a Tasks & Allowance system, receive instant transfers from parents, set and track savings goals, and make contactless purchases subject to parental oversight and real-time notifications. The platform is segmented into three age bands: 6–9 (value of money), 10–13 (saving and budgeting), and 14–17 (money independence with Peer Transfers and ID verification).

The underlying technology stack combines a self-serve consumer mobile app with RBC's regulated banking infrastructure and Visa's payment network. KYC, card issuance, FX conversion, and security controls are delegated to RBC and Visa rather than built in-house. Feature modules include Money Movement (instant and recurring transfers plus Peer Transfers for 14+ users), Savings Goals with protected balances, Offers (third-party promotions), Remote ID Verification, and a formal Referral Program. The platform is available in English and French, supports Apple Wallet and Google Pay, and is accessible across Canada.

Mydoh operates a freemium business model with no monthly subscription. Direct revenue is derived from three narrow sources: a $6.99 optional fee for customized card designs, a 2.5% spread on foreign currency transactions (collected by RBC and shared through the card-issuing arrangement), and third-party referral fees on offers presented inside the app. Customer acquisition is primarily product-led, supported by content marketing (a Learn section with blog articles, eBooks, and tools), earned media coverage, app store optimization, and a referral program with up to $400/year in referrer rewards. The company is headquartered in Toronto at 20 King Street W and is led by co-founder and CEO Gaurav Kapoor.

Name

Mydoh

Legal name

Royal Bank of Canada

Website

https://mydoh.ca

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

Mydoh is a free Canadian mobile money management app for families with children aged 6–17, pairing a parent-controlled platform with an RBC Visa prepaid Smart Cash Card to enable earning, saving, spending, and budgeting under parental oversight.

Ownership category

akta.pro rank

Product category

Personal Finance Apps

akta.pro primary industry

Youth / Family Wallets & Allowance Payments (FSAMAEAK)

Keywords

• Youth financial literacy
• Family money management
• Prepaid debit card
• Allowance tracking app
• Kids banking app

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure

Revenue model

1. No monthly subscription revenue: The core app is provided free of charge with no monthly fee. Up to two parents and five children per family can use the service at no cost.
2. Card Customization Fee: An optional $6.99 fee is charged per customized (personalized design) Smart Cash Card ordered, and again for each replacement customized card. Standard (non-personalized) cards are provided at no cost.
3. Foreign Currency Conversion: When transactions are made in a foreign currency, RBC charges a 2.5% markup over its benchmark exchange rate. This generates revenue on international card usage by cardholders.
4. Third-Party Referral Fees: Mydoh (RBC) may receive referral fees when users are referred to third-party products and services and elect to purchase them. The referral fee does not affect fees paid by users.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Mydoh is a free mobile-first money management app and platform that enables Canadian parents and children (ages 6-17) to manage family finances together. The platform combines a parent-controlled mobile app with an RBC Visa Prepaid Smart Cash Card (physical and digital/Apple Pay/Google Pay), offering real-time money transfers, chore-based allowance automation, savings goal tracking, and parental spending controls. The service is provided at no monthly cost, with revenue generated through card customization fees, foreign currency conversion spreads, and third-party referral fees.

Product overview

Mydoh is a family financial management platform comprising a core mobile app and multiple integrated features/modules. The main Mydoh App serves as the parent-facing control center where parents manage tasks, transfer money, and monitor spending. The Smart Cash Card (RBC Visa Prepaid) is the primary spending instrument for children, available as both digital (Apple Wallet/Google Pay) and physical cards. Key modules include Tasks & Allowance for chore-based earning, Money Movement for fund transfers including peer-to-peer Peer Transfers, Save for savings goals and General Savings, Security Features for parental controls, and Offers for third-party promotions. Additional services include Remote ID Verification for account setup and a Referral Program for user acquisition. The Learn section provides financial literacy content via blog articles, eBooks, and tools. The platform is designed for kids aged 6-17 with age-appropriate features, and costs $0 with no monthly fees.

Differentiator

Problem solved

Functional benefit

Brands

• Smart Cash Card: RBC Visa Prepaid Mydoh Smart Cash Card - a prepaid card for kids and teens to spend money under parental supervision.

Products and services

• Mydoh App A free mobile application (iOS and Android) that enables Canadian parents to manage family finances and supports children aged 6-17 in learning money management through earning, spending, saving, and budgeting features. Includes Tasks & Allowance, Money Movement, Savings Goals, and parental controls.
• Mydoh Smart Cash Card An RBC Visa Prepaid card available in both digital (Apple Wallet and Google Pay) and physical form for children aged 6-17. The card allows contactless in-store tap payments, online purchases, and phone payments wherever Visa is accepted, with parental controls, real-time transaction notifications, and lock/unlock functionality linked to the parent's Mydoh account.

Quantifiable outcome

• 300,000+ Canadian families using Mydoh to build youth financial literacy

Named customers3 records

Segments2 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature6 records

Partnerships

Two partnerships are on record, tiered core.

• Royal Bank of Canada (RBC)coreTechnology or IntegrationMydoh is built, operated, and secured by Royal Bank of Canada. RBC issues the RBC Visa Prepaid Mydoh Smart Cash Card and provides the underlying banking infrastructure, trust, and security framework. All card terms, user agreements, and data governance are administered by RBC. Mydoh functions as an RBC Ventures initiative.
• VisacoreTechnology or IntegrationMydoh's Smart Cash Card is a Visa-branded prepaid card operating on the Visa payment network. This enables global acceptance at any merchant that accepts Visa contactless (tap) payments, Apple Pay, and Google Pay. The card cannot be used for ATM withdrawals or cash-like transactions.

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Greenlight: US-based debit card and financial app for kids and teens with parental controls, chore/allowance management and investing. Directly comparable to Mydoh in target market (children/teens and their parents), product (prepaid card + app), and freemium/premium monetization model.
• Step: US teen banking app with a Visa-backed prepaid card, parental visibility and credit-building features. Closely comparable to Mydoh in age band (teens), payment-rail partner (Visa) and parental-controls model.
• Copper Banking: US teen banking platform offering a Mastercard debit card with parental monitoring, automated allowance and savings goals. Directly comparable to Mydoh in target user (teens), spending/allowance mechanics and parental-oversight feature set.
• GoHenry (Acorns Kids): UK youth prepaid card and money app for kids 6-18 with parental controls, chores/allowance, savings goals and financial education. Closely comparable to Mydoh across age bands, feature set and freemium/premium monetization.
• FamPay: India-based youth payments app offering a Visa-powered prepaid card and UPI wallet for teens with parental oversight. Comparable to Mydoh in age segment, payment-rail-backed prepaid model and parental-controls approach.
• Till Financial: US teen debit card and financial literacy app with parental controls, allowance automation and FDIC-insured savings. Comparable to Mydoh in target user (teens), Visa-backed prepaid structure and parent-managed allowance functionality.
• Current: US neobank offering family accounts with teen sub-accounts, prepaid debit cards, parental controls and allowance features. Directly comparable to Mydoh in family banking model, prepaid card rails and teen sub-account structure.
• Revolut Junior: Youth product from Revolut offering a prepaid card and app for kids 7-17 managed from a parent's Revolut account. Comparable to Mydoh as a parent-controlled youth wallet within a broader digital banking platform.

Regional players

• NatWest Rooster Card: UK bank-issued prepaid card and app for children and teens, built on NatWest infrastructure. Comparable to Mydoh as a major-bank-backed youth prepaid product, but operating in the UK rather than Canada.

Emerging players

• Juni: Europe-focused financial app and card for young entrepreneurs and teens, with parental-style controls and spend analytics. Comparable to Mydoh in age-targeting and card-with-app model, though it skews more toward older teens and young adults.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mydoh