Teach kids real money skills

Modak is a US-based platform leveraging the power of fintech, gamification, and community to empower kids to reach their full potential. We are founded with an audacious vision to enable kids and young adults to reach their full potential, regardless of their background. We pursue this mission by offering a gamified fintech and learning ecosystem - with teen cards, financial literacy, and other services. We build for scale and security using the best technologies and enrich the user experience with a thriving community that supports each other. Modak is trusted by over 30,000 families and growing by the day. We are one of the most well-funded early-stage startups, and we are grateful for the 5+ years of runway we have even in this market. Our investors include GGV Capital ($9.2Billion VC firm), Monashees, Maya Capital, Nazca VC, One VC, and 30+ leading angel investors and entrepreneurs across Silicon Valley and Latin America.

Modak blocks unsafe spending categories, offers real-time transaction tracking and monitoring, and allows instant card lock/unlock. Data is encrypted and secured with biometrics. Modak complies with CFPB regulations to ensure high security and privacy standards. Moreover, your checking accounts and debit cards are issued by Legend Bank, N.A., FDIC-Insured.

You can add a maximum of 7 kids per parent

MoBasic is Modak’s free subscription and includes core banking features such as debit cards, account funding, transaction history, alerts, and MBX rewards.

MoSilver includes all MoBasic features plus additional family management tools, including chores, allowances, savings goals, enhanced parental controls, enhanced spending analytics, premium card designs, and co-parent invitations.

MoGold includes everything in MoSilver, plus premium rewards and benefits such as cashback on eligible purchases, Savings Boost rewards, instant funding fee reimbursement, and additional premium benefits.

• Go to the parent app and log in using your phone number. You will receive a verification code to confirm your login.
• Once logged in, you will be directed to the home page. Here, you will see “My balance” and click on “add money” button to your account.
• Or you can send the money directly to your kid’s account by clicking on “$ send” either going to down the middle; or selecting your kid´s profile and “send money”.
• “Add a Bank account” Currently we are upgrading this feature.
• On the next page, you will see options as “My balance“, “Use a new Credit/Debit card (Fast transfer)”, Google pay or apple pay
  • If you select “My balance” you will be redirected to pick an amount screen based on your current parent balance. Type the amount, pick to witch kid you are sending the money to, and click on the next button.
    • If you selected “Use a new Credit/Debit card” you will be redirected to pick an amount screen and then directly to Checkout platform to finish the transaction. With this option, you can use debit or credit, apple or google pay cards to fund the parent and or kid account.
    • To set up a direct deposit, simply click on the “Bank details” button in the teen profile. You’ll find the necessary details there, which you can use to transfer money directly to the teen’s account through your bank’s platform.
    • Tap Confirm and Send to complete the transfer.
    • Select Linked Bank Account from the funding options.
      • You’ll be redirected to a Plaid agreement page. Follow the prompts to securely connect your external bank.
      • Once linked, the bank account will be saved in Modak for easier future transfers.
      • To fund your teen’s account tap on the send button, if you want to add funds to your own parent account, tap the Add $ button.
      • Enter the amount you’d like to send, review the details, the Standard transfer is preset (no fees).

The requirement of providing a Social Security Number (SSN) when opening a bank account in the US is necessary to verify that person’s identity and ensure that they are the person they claim to be. It is a crucial step to prevent fraudulent activities and protect both the customer and the bank from potential risks. At Modak, the only required SSN is from the parent as they are they adult owner of the account.