Empowering the Next Generation: How Streak is Revolutionizing Financial Literacy for Kids.
Company profile
Company business details
Motivation to build the product
The founders were motivated by the need to improve financial literacy among children, recognizing that early education in money management can lead to better financial habits in adulthood. They aimed to create a safe and engaging platform that empowers children to learn about finances in a practical way.Problem that their product solves
Streak addresses the problem of inadequate financial education for children. The end users are children and their parents, who benefit from a structured way to learn about money management. Solving this problem is important as it prepares children for responsible financial behavior in the future, reducing the likelihood of financial mismanagement as adults.Their unfair advantage
Streak's partnership with established financial institutions like Yes Bank and Visa provides credibility and security, setting it apart from other fintech solutions targeting children.Strategies
Pre-Launch (Product Development & MVP)
Market Survey and Customer Understanding
Before launching their product, the founders of Streak conducted a market survey to understand the financial literacy needs of their target audience. They engaged with colleagues and peers to gather insights on their financial habits and knowledge. This hands-on approach allowed them to identify a significant gap in financial understanding among students, which informed the development of their product. They realized that many students were unaware of how to manage their money effectively, leading to the creation of a digital platform aimed at addressing this issue.
Targeted User Engagement through Quizzes
To identify and engage potential users, Streak conducted a financial quiz that attracted over 3000 children. This initiative not only helped in gathering initial users but also provided valuable feedback on the product. The founders, Shiv and Mithol, used this feedback to refine their application, ensuring it met the needs of their target audience.
Partnership with Financial Institutions
Streak secured a partnership with Yes Bank and Visa to issue prepaid cards for children. This partnership was crucial as it provided the necessary financial backing and credibility to the startup. The founders spent about seven to eight months negotiating and finalizing this partnership, which was essential for their product's launch.
Launch Stage
Building a Digital Financial Literacy Platform
Streak was launched with the idea of providing a digital platform for students to manage their finances. The founders created a card system that allowed children to receive their pocket money digitally, ensuring safety and ease of tracking expenses. This card could be locked if lost, and parents were notified of every transaction. This innovative approach aimed to teach children about money management in a practical way, making it easier for them to understand financial concepts.
Direct User Feedback Loop
After launching their MVP, Streak focused on a direct feedback loop with their initial users. They handpicked users and conducted door-to-door outreach to gather insights on what features were liked or disliked. This approach allowed them to prioritize product improvements based on real user experiences, ensuring that they were building a product that truly met the needs of their customers.
Learn more about Streak
🎙️Exclusive Podcast with Mitul Mehta - Co-founder at Streak | IRE Talks | GIBS B-School Bangalore
Shiv Bidani | Founder @Streak (YC W22) | Founder Things