Managing Director of Global Financial Services at IDC, Cyrus Daruwala, mentioned kids and teens are digital natives who are fond of their phones and have an average attention span of only 20-30 seconds. I’m sure that’s not a surprise to most parents. This presents an uncharted market for the finance industry and a gap that Little Wallet aims to address. Daruwala adds that introducing banking systems at a young age could give them a headstart on banking, as clients often stick with their first bank.
Singapore-based fintech company, Little Wallet, aims to help young people become financially and economically aware. The company was founded by Rahul Sharma, a banker with 25 years of experience in fintech, and Phoebe Tran, a tech executive with 15 years of experience at Google and Facebook.
The two entrepreneurs met during the INSEAD Global Executive MBA Program and later founded Little Wallet, which placed as a finalist during INSEAD’s Venture Competition in 2021 and part of the Top 3 at the TechInAsia Start-up Arena 2022.
With that being said, Little Wallet co-founder, Rahul Sharma, says it is an honor to be part of the Visa Fintech Fast Track Program, which the company has partnered with under Visa’s endorsement. Sharma believes that Little Wallet will help young people view saving as a fun and engaging experience, rather than as an “unexciting grown-up responsibility.”
Co-founder Phoebe Tran says the digital family banking app provides a holistic financial wellbeing for the whole family, from kids to adults. The app gamifies the experience for kids and teens, making them more engaged with the platform and providing them with a fun and interactive way to learn about money management.
With the support of Visa and its endorsement through the Visa Fintech Fast Track Program, Little Wallet is poised to make a significant impact in the industry.