Caxton Payments has acquired the entire operating business and share capital of nimbl, the pocket money app from ParentPay.
The nimbl platform provides a safe and secure way for parents and carers to give pocket money to their children, while also offering a range of features that help young people learn about budgeting, saving and spending wisely.
The companies say nimbl customers and their accounts will be unaffected by the change of ownership.
Under the all-cash deal, nimbl will operate as a standalone company within the Caxton group. Alana Parsons will become chief executive of nimbl with immediate effect, leading the company as it enters its next phase of growth. She will retain her role as group COO of Caxton.
“We’re thrilled to be expanding the Caxton magic to a wider customer base through nimbl,” Parsons said. “With its strong brand and innovative offering, combined with the resources that Caxton will provide, nimbl will make a significant impact on the youth money app market.”
Leanne Bonner-Cooke MBE: I saw greater opportunity with e-bate
Caxton founder and group CEO Rupert Lee-Browne said: “At Caxton, we believe that financial education is essential, and we’re excited to be acquiring nimbl to expand our offerings in this area. We’re committed to helping young people learn about responsible personal finance and develop healthy habits around money management.
“With nimbl expertise in this field and our shared values, we’re well positioned to make a positive impact on the financial lives of young people.”
Founded in 2015 by the owners of ParentPay, nimbl taps into the growing trend of using apps and prepaid cards to teach children and young adults about personal finance.
Why are female leaders being overlooked for top FinTech jobs?