Jassby Inc., a fintech focused on finances for families with children, has raised $5 million led by Moneta Capital and Needham Bank. 

The company offers a mobile app, which allows children to receive funding from their parents and grandparents, and helps the users save, spend or donate the funds. The new investment will be used for new development, as the company surpasses 100,000 members.  

"Gen Z'ers become earners — and consumers — at a much younger age than their parents did," Adoram Gaash, managing partner at Moneta VC, an investor at the company. "With vast smartphone penetration and the rise of e-commerce websites, for teens shopping has become much easier and more accessible than ever before."

The company has raised a total of $10 million. Existing investors Blumberg Capital, Correlation VC and PnP Ventures are participating in the new round.

Cover image: Jassby