May 1, 2023
Dwyane Wade and Baron Davis Raise $1.4 Million For App That Ties Credit and Chores For Kids
Kiddie Kredit has helped thousands of children learn the importance of “work hard, play hard.” The app teaches children how to build credit through doing chores and other means of “fun.” The Miami-based startup has raised $1.4 million in funding thanks to some hard-hitting investors.
Backed by NBA legend angel investors Dwyane Wade and Baron Davis, the investments will help founder Evan Leaphart expand the reach of the financial literacy app to kids across the country and worldwide. Some other investors include Nueterra Capital, Plain Sight Capital, Fuerza Ventures, and Verve Capital. Wade said he was drawn to Leaphar’s mission. “I was drawn to what Evan and team are working on with Kiddie Kredit,” Wade said, according to Refresh Miami. “It’s important to give kids a head start and especially on the topic of credit.”
People of Color in Tech report that the mobile app teaches kids from ages 4 to 12 the basics of credit in a fun way by assigning tasks and chores that will give them points toward their “kredit” score. They have even partnered with Equifax to add advertising of the Equifax Family Plan to the parent side of the app. Leaphart started the app by learning the importance of good credit with his own life experiences. From college to apartment hunting, unemployment, and business ups and downs, he slowly learned that a credit score could impact life’s options.
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The purpose is to help children unlock generational wealth and promote financial freedom. “Most importantly, organizations can unlock for families this entire financial literacy journey of over 250 hours of content that meets multiple National Financial Literacy Standards,” Leaphart said.
This fundraising era is just the next step of excellence for Kiddie Kredit. Last summer, Black Enterprise reported the app was part of Amazon’s first cohort of its Black Founders Build with Alexa program. The program helps build the next generation of voice, artificial intelligence, and ambient experiences.