CBA’s VC arm, x15ventures, takes on digital banking for children with a new financial app, Kit

Koh said nearly half (49%) of parents claim their children have spent their money without their knowledge or permission, with 41% saying their kids have used their credit card or pre-supplied bank details for online shopping, while 37% say the stolen funds have been spent on in-game credits.

Koh continues: “It’s so important we encourage healthy money conversations. That’s why we’ve made the Kit app highly interactive,” she said.

“Our in-app character is there as much to entertain, as educate, with fun facts and even jokes to give kids a laugh and to encourage them to engage with their parents.”