# Rivva

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/rivva-pty

- Industry: Financial Services
- Headquarters: Sydney, Australia
- Website: www.spriggy.com.au
- Total disclosed funding: $29M
- Latest round: Series B (Jul 27, 2021)
- Investors on record: 15

## About

Rivva Pty Limited operates as Spriggy, providing a prepaid pocket money app for Australian families. The company supports children aged 6-17 in managing finances and developing money management skills through a safe and engaging platform.Founded in 2015 in Sydney, Australia, Rivva Pty Limited, also known as Spriggy, specializes in financial education tools for children. The company was co-founded by Alex Badran and Mario Hasanakos, who aimed to create a solution for families to instill money management skills in their children. Spriggy has successfully completed a total of 8 funding deals, with the latest funding round in 2023 raising USD 10.00 mn, which is also the total amount raised by the company.Spriggy offers a prepaid pocket money app designed to assist Australian families with children aged 6-17 in managing their finances. The core product includes a prepaid Visa card, ensuring children can make purchases under parental oversight. Features of the app include monthly tracking emails for parents, merchant restrictions, and customizable card designs. The services aim to foster financial literacy among youth, with the app predominantly available in Australia.Spriggy's revenue model relies on an annual membership fee for users of the app, allowing families to access the prepaid card and its features. Parents pay subscription fees after a free trial period, alongside any additional card usage or maintenance fees. Funds are transferred to the Parent Wallet, which can be allocated to children's prepaid cards, facilitating direct consumer transactions as families manage their accounts through the app interface.The company is looking to expand its market presence and is currently designing new features for its app, although specific product launch dates have not been disclosed. The recent venture funding from Global Investors will support these initiatives, enhancing the app's capabilities and user experience. Rivva Pty Limited is strategically focused on broadening its reach to more Australian families, aiming to improve financial literacy for a larger demographic.

## Funding rounds

- Series B, Jul 27, 2021, $18M — NAB Ventures, Grok Ventures, Perennial Partners
- Series A, May 30, 2019, $8.7M — Mainstream Fund Services, Grok Ventures, BNP Paribas, Bird & Bird LLP, YMF Investments, Tonyways Nominees Pty Ltd, Abad Investments Pty Limited, Muhlbauer Investments Pty Ltd
- Seed, Jun 30, 2017, $1.9M — Perle Ventures, Gleneagle Asset Management, Alium Capital Management, YMF Investments, Tonyways Nominees Pty Ltd, SJG Australia Pty Ltd, Muhlbauer Investments Pty Ltd
- Seed, Mar 11, 2015 — H2 Ventures

## Investors

- H2 Ventures (https://capitalatlas.ai/funds/h2-ventures) — Seed
- Perle Ventures (https://capitalatlas.ai/funds/perle-ventures) — Seed
- Gleneagle Asset Management — Seed
- Alium Capital Management (https://capitalatlas.ai/funds/alium-capital-management) — Seed
- YMF Investments (https://capitalatlas.ai/funds/ymf-investments) — Seed, Series A
- Tonyways Nominees Pty Ltd — Seed, Series A
- SJG Australia Pty Ltd — Seed
- Muhlbauer Investments Pty Ltd — Seed, Series A
- Mainstream Fund Services — Series A
- Grok Ventures — Series A, Series B
- BNP Paribas — Series A
- Bird & Bird LLP — Series A
- Abad Investments Pty Limited — Series A
- NAB Ventures (https://capitalatlas.ai/funds/nab-ventures) — Series B
- Perennial Partners — Series B