New York-based Goalsetter has signed a deal to distribute its family financial-planning app to over 350,000 members of the Michigan State University Federal Credit Union (MSUFCU). Under the agreement, the credit union’s parent company, Reseda Group, a wholly-owned credit union service organization (CUSO), also invested $1 million in the New York startup.
Former Nickelodeon executive Tanya Van Court, who lost most of her savings in the 2001 dotcom bubble, launched her startup from the Entrepreneurs Roundtable Accelerator in 2016. She initially planned Goalsetter to be a financial literacy app for kids. Today, it has finance tools for the entire family, expressing a belief that “every family in America deserves a shot at the American dream.” Its features range from smart spending, saving, investing, to financial education tools and resources to enhance financial knowledge.
Targeting Gen Z
April Clobes, president and CEO of MSUFCU and the East Lansing, Mich.-based company, called Goalsetter the “best solution” for credit unions to attract and retain the next generation of members.
“Goalsetter is aligned with our CUSO’s mission of building better for members, and with Goalsetter as a powerful tool in their arsenal, credit unions can increase brand affinity with Gen Z members, deposits, and overall membership numbers — all three of which are critical to the future growth and success of our industry,” said Clobes.
Van Court said Goalsetter would help MSUFCU to effectively engage with younger consumers and provide them with the personalized services they seek. The platform “focuses on providing financial tools, education, and innovative financial wellness content built around pop culture, memes, GIFs, and game-based learning that resonates with young consumers,” she pointed out. Goalsetter’s smart money platform for families provides users with an NCUA-insured savings account, the Mastercard Cashola teen and tween debit card with parental controls and quizzes.
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Mastercard Among Backers
Under the deal, MSUFCU will custom-label Goalsetter’s platform for its members and also use the startup’s Classroom curriculum in local school systems and community organizations. According to Goalsetter, an independent study found that its Classroom program increased a student user’s financial aptitude by up to 43%, with students registering scores of up to 90%. MSUFCU has 23 branches, over 350,000 members and $7.61 billion in assets.
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Goalsetter has raised over $21 million from venture investors. Its backers include Fiserv, Mass Mutual Catalyst Fund, Citizens Financial Group, Astia Fund, Mastercard, U.S. Bank, PNC Bank, Northwestern Mutual Future Ventures, Elevate Capital, Portfolia’s First Step, Rising America Fund and Pipeline Angels. Angel investors include basketball star Kevin Durant.
Van Court, who received degrees in Industrial Engineering from Stanford University, has worked at some of the biggest television names in the United States. These include Discovery, Nickelodeon, ESPN and Cablevision.