Piggy bank start-up ERNIT sells up
Fintech start-up ERNIT, known for creating the world’s first smart piggy bank for children, has put itself up for sale after failing to raise enough capital to scale the company.
ERNIT’s physical WiFi piggy bank with LED lights for eyes
Its pocket money app still exists as a service for financial companies to target young families, but the founders have come to the conclusion, after six years of working on it, that Denmark-based ERNIT is not a venture case.
As well as the Android and iOS app, ERNIT founders, Thomas Bjerring and Soren Nielsen, are also part of the acquisition, offering the buyer a given time frame where they can share their insights into the family segment and corporate innovation.
An industry insider tells FinTech Futures that the company is trying to see what the market appetite is for a solution like theirs, as so far the founders have not perceived a scalable business model both commercially and technically to raise enough capital.
ERNIT’s vision as ‘the piggy bank of the future’ was to teach children how to be smart about money, giving youngsters the option to draw up their financial goals in the form of pictures.
The company partnered with Scandinavian design studio, Kilo, to create the physical WiFi piggy bank with LED lights for eyes, whilst app designers incorporated time-sensitive cash incentives for chores such as ‘clean your room’ and ‘wash the floor’.
The company has seven other employees aside from the founders but it has not been confirmed what will happen to them if ERNIT is sold.
