Osper is a mobile-only, branchless banking service that pairs prepaid Mastercard-backed debit cards with companion Android and iOS apps featuring separate logins for young users and their parents. Accounts are prepaid with no credit or overdraft, so children can only spend available funds; cards work in stores, at ATMs and for online purchases. The app lets parents monitor and manage cards remotely, load cash instantly, receive SMS alerts for declined transactions and lock stolen cards. Osper targets UK 8–18 year olds and plans to launch out of beta, roll out across the UK and eventually expand abroad. The company intends to earn revenue from interchange fees, interest on deposits and an annual subscription (cards are free the first year, then £10/year). Founder Alick Varma, formerly trained as a maths teacher and having worked at M-Pesa and Spotify, built the product to help young people learn money management.

Total raised

$10M

Funding rounds

1

Latest round

Equity

Latest activity

Jun 2014