Edtech startup AWSM Bank attracts $150k

Founded by Kazakhstani Alibek Zhunisbayev, full-service banking for teenagers AWSM Bank has raised $150,000 from 500 Startups in the frames of the agreement with QazTech Ventures, reports Kapital.

AWSM Bank is an edtech company that develops online-banking for teens. The startup is aimed to educate its young users financially, as well as their parents, by intertwining theoretical content with full-service banking. Using AWSM Bank teenagers can learn strategies to maximize savings, track their spending habits, and earn money by completing chores and completing financial literacy online courses. 

“We give teens ages 13-18 a theoretical financial education in the format of short 30-second Tik Tok-style videos. We turn theoretical knowledge into practical skills, giving them a fully functional but at the same time safe banking services,” Zhunisbayev says.

500 Startups is the US early-stage startup accelerator and venture capital firm. In 2019 it signed a partnership agreement with QazTech Ventures on the establishment of a joint fund with a capitalization of $150 million.