bankaroo
Bankaroo is a virtual bank for kids ages 5-14 that teaches budgeting, saving goals, and allowance management through free web and mobile apps (iOS, Android, Kindle), a paid PLUS premium tier, and a schools edition with Schoology LMS integration, operating across 30+ countries under a freemium model.
- Company typePrivate
- Founded2011
- HeadquartersMenlo Park, United States
- Headcount11–50
- GTM typeB2C
- OfferingSoftware
What bankaroo does
Bankaroo, operated by Rodgers Finance LLC (d/b/a bankaroo), is a virtual bank platform designed to teach children ages 5-14 about money management in a risk-free, COPPA-compliant environment. The product was originally created in 2011 by Dani Gafni at age 10 as a family project with her father Etay, and transitioned to the Rodgers family in 2023; the company is headquartered legally in Virginia with a Menlo Park operating presence and a 11-50 employee headcount range.
The platform consists of four editions: Bankaroo Online (a free web and mobile-web service), Bankaroo Mobile (native apps on iOS, Android, and Kindle with offline functionality and cross-device sync), Bankaroo PLUS (a paid premium tier, formerly Bankaroo Gold, with separate checking, savings, and charity accounts and family fund transfer capabilities), and Bankaroo for Schools (a teacher portal with a companion Bankaroo Student app, integrated with the Schoology LMS). The underlying technology supports nine real currencies (USD, GBP, EUR, NIS, CAD, JPY, ZAR, HKD) plus virtual currency systems (points, stars, hearts) for pre-monetary use. The service runs on a secured server over HTTPS with parental email verification as the COPPA consent mechanism, and does not expose a public API.
The business operates on a freemium, product-led growth model: the consumer product is free to use with optional upgrade to an annual Bankaroo PLUS subscription, and Bankaroo for Schools is free for the first class per school. Distribution is through self-serve web registration, app store listings (Google Play, Apple App Store, Amazon App Store), content marketing, organic social, a volunteer translator community supporting 30+ countries, and event participation. Bankaroo has no disclosed institutional funding or external investors, and the 2023 ownership transition messaging emphasizes operational continuity over growth investment.
bankaroo firmographics
Firmographics- Name
- bankaroo
- Legal name
- Rodgers Finance LLC d/b/a bankaroo
- Website
- https://bankaroo.com
- Company type
- Private
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Bankaroo is a virtual bank for kids ages 5-14 that teaches budgeting, saving goals, and allowance management through free web and mobile apps (iOS, Android, Kindle), a paid PLUS premium tier, and a schools edition with Schoology LMS integration, operating across 30+ countries under a freemium model.
- Ownership category
- akta.pro rank
bankaroo industry classification
Industry- Product category
- Children's Financial Education Software
- NAICS
- Other Nondepository Credit Intermediation (52229)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Student & Youth Banking (FSABAAAH)
- akta.pro secondary industry
- Expense Tracking & Financial Dashboards (FSAGADAB)
Keywords
Where bankaroo is headquartered
LocationHeadquarters
- HQ city
- Menlo Park
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
bankaroo business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Infrastructure, Marketing or Sales, Operations
Revenue model
- Bankaroo Plus Subscription: Premium version with enhanced features including separate checking, savings, and charity accounts, plus ability to transfer funds between family members. Free version available with basic features.
- Bankaroo for Schools: Free for first class per school; potentially paid for additional classes. Teacher portal with student management capabilities.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Others | Bankaroo Online (Free) - Web and mobile-web access |
| Subscription | Annual | Bankaroo Plus (Paid) - Enhanced family edition |
| Freemium | Others | Bankaroo for Schools (Free first class) |
Go-to-market motion4 records
Distribution channels5 records
Marketing channels8 records
bankaroo product offering
Product offeringCore offering
Bankaroo is a virtual bank for kids, providing a web and mobile platform where children ages 5-14 can learn about money management, set saving goals, track allowances, and manage virtual accounts under parental oversight. The free Bankaroo Online and native mobile apps (iOS, Android, Kindle) form the core, while the paid Bankaroo PLUS adds checking/savings/charity accounts and family fund transfers. A separate Bankaroo for Schools edition delivers a teacher portal and student companion app for classroom financial education.
Product overview
Bankaroo is a virtual bank for kids offering a portfolio of products across web, mobile, and school channels. The core offering consists of Bankaroo Online (free web service) and Bankaroo Mobile Apps (iOS, Android, Kindle). Premium capabilities are available through Bankaroo PLUS, which adds checking, savings, and charity account management with family fund transfers. Bankaroo for Schools extends the platform with a teacher portal and student app for classroom use. All editions teach children aged 5-14 about money management, budgeting, saving goals, and financial responsibility in a safe, COPPA-compliant environment.
Differentiator
Problem solved
Functional benefit
Brands
- Bankaroo PLUS: Enhanced edition where kids can manage separate accounts for checking, savings, and charity, with ability to transfer funds between family members.
- Bankaroo for Schools
- Bankaroo Student
Products and services
- Bankaroo Online Free online and mobile-web virtual bank service accessible from any browser. Enables children to track funds, set saving goals, manage allowances, and learn budgeting through a family-friendly interface under parental control.
- Bankaroo Mobile App Native mobile application for iOS, Android, and Kindle phones and tablets. Offers account syncing across devices, offline functionality for viewing and some actions (such as setting new goals), faster image upload, and push notifications.
- Bankaroo PLUS Premium subscription tier (formerly Bankaroo Gold) where kids can manage separate accounts for checking, savings, and charity, and can transfer funds between family members. Billed annually.
- Bankaroo for Schools Special edition for K-12 educators that provides an online teacher portal to manage multiple classrooms and student accounts. Teachers can use Bankaroo to teach math or finance, or as a behavioral point system. Includes printable 'bankaroo cards' with QR codes and integration with Schoology LMS.
- Bankaroo Student Free companion mobile app for students participating in Bankaroo through their schools, providing student access to their personal virtual accounts.
Quantifiable outcome
- 250+ schools registered as of 2015
- +2 more outcomes
Companies that use bankaroo
Customer profileNamed customers3 records
Segments2 records
Ideal customer profiles2 records
bankaroo technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature9 records
bankaroo partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core and minor.
- One Laptop Per Child (OLPC)corePartnership announced November 2013 to bring financial education to more people globally. OLPC is a nonprofit organization that provides rugged, low-cost, connected laptops to children in developing countries. Together bringing financial literacy tools to underserved populations.
- Microsoft Partner In Learning NetworkminorMicrosoft Partner In Learning Network featured and promoted Bankaroo as a virtual learning environment for financial education.
- CYFI (Child and Youth Finance International)minorCYFI is a UN-affiliated organization working to improve the financial capabilities of children and youth globally. Bankaroo participated in CYFI Youth Meeting at UN and received entrepreneurship award.
Scale indicators3 records
Recent moves7 records
Expansion highlights6 records
bankaroo competitors and assessment
Company assessmentEmerging players
- Goalsetter: Goalsetter is a kids financial-literacy and savings platform with a debit card. It overlaps on teaching money skills and savings goals to children and families.
- RoosterMoney: RoosterMoney is a family allowance and savings tracker app for kids with optional prepaid card integration. Comparable to Bankaroo's allowance and savings-goal functionality for children.
- iAllowance: iAllowance is an allowance and chore-tracking app for families. It overlaps with Bankaroo's allowance and family finance-management functionality but lacks the broader virtual-bank framing.
- BusyKid: BusyKid is a kids allowance, chore, and financial-literity platform that connects to a prepaid debit card. It overlaps on allowance management and money-education for kids but is more chore-centric.
Direct peers
- Greenlight: Greenlight is a kids-focused fintech offering a debit card and financial-literacy app. It is a direct peer because it targets the same parents-children segment with money-management tools, though it adds real-money card functionality.
- Step: Step is a banking platform aimed at teens and families with a debit card and money-management features. It competes for the same parent wallet and overlaps on financial-literacy and allowance-tracking functionality.
- Current: Current offers a teen and family banking product with parental controls and money-management features. Comparable because it targets the same age band with parental oversight and budgeting tools.
- GoHenry: GoHenry is a UK-based kids prepaid card and financial-education app. It is a direct peer in the kids financial-literacy and allowance-management category and competes for the same parent demographic internationally.
- Copper Banking: Copper is a teen banking app with a debit card and parental controls. It competes for the same family-and-teen segment and overlaps on financial-literacy and spending-tracking features.
Regional players
- FamPay: FamPay is an India-focused teen payments and money-management app. It addresses a similar teen financial-literacy and allowance use case but primarily in India, making it a regional peer.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
bankaroo social profiles
Digital presencebankaroo compliance and trust
Trust signalCompliance1 record
bankaroo financial estimates
Financial estimateRevenue estimate
Valuation estimate
bankaroo leadership team
Management profileNumber of profiles
bankaroo funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
bankaroo M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about bankaroo
What does bankaroo do?
Bankaroo is a virtual bank for kids, providing a web and mobile platform where children ages 5-14 can learn about money management, set saving goals, track allowances, and manage virtual accounts under parental oversight. The free Bankaroo Online and native mobile apps (iOS, Android, Kindle) form the core, while the paid Bankaroo PLUS adds checking/savings/charity accounts and family fund transfers. A separate Bankaroo for Schools edition delivers a teacher portal and student companion app for classroom financial education.
Is bankaroo a public or private company?
bankaroo is a private company. It is classified as family owned and is currently operating.
When was bankaroo founded?
bankaroo was founded in 2011. It employs 11 to 50 people.
Where is bankaroo based?
bankaroo is headquartered in Menlo Park, United States, in the North America region.
How does bankaroo make money?
Two revenue lines are on record. Bankaroo Plus Subscription is the primary driver. The others are bankaroo for Schools.
Who are bankaroo's main competitors?
Emerging players on record are Goalsetter, RoosterMoney, iAllowance and BusyKid. Direct peers are Greenlight, Step, Current, GoHenry and Copper Banking. FamPay is listed as a regional player.
Does bankaroo have an API?
No public API is recorded for bankaroo.
What industry is bankaroo in?
bankaroo's product category is Children's Financial Education Software. Its primary akta.pro industry code is FSABAAAH, Student & Youth Banking, with a secondary code of FSAGADAB, Expense Tracking & Financial Dashboards. Its NAICS code is 52229 and its SIC code is 6199.