Open Banking technology enable Capital Koala to help parents put money aside painlessly for their children’s future

Helping parents finance their children’s college education and other costly projects is Capital Koala’s mission. The company achieves this through its cashback-based solution. With Open Banking and Powens’ technology, Capital Koala has extended its online solution to take in purchases in brick-and-mortar stores.

date Nov 22, 2022

Helping parents finance their children’s college education and other costly projects is Capital Koala’s mission. The company achieves this through its cashback-based solution. With Open Banking and Powens’ technology, Capital Koala has extended its online solution to take in purchases in brick-and-mortar stores.

 

The need: help parents save for their children  

While parents always want the best for their children, it is not always easy to help them prepare for their future. A college education, driver’s license, first house purchase… there are numerous costly items to be purchased as the children move into adulthood. 

To help them get off to a good start, Capital Koala can help parents save money for their children’s future projects. How? Through a multi-retailer loyalty program, based on cashback. It enables the money the parents save to be paid straight into their children’s savings books. Initially, the program was only available online.

But with most purchases still being made in brick and mortar stores, Capital Koala has deployed its solution offline using Powens’ Open Banking technology.

 

The solution: banking aggregation to track and reward purchases made

Capital Koala has recourse to two fintechs to enable parents to save money when they buy in brick and mortar stores: Powens manages banking aggregation and Paylead, the cashback program. How does it work? 

  • The parents first create an account on the Capital Koala app. They link up their main bank account by means of Powens’ Bank product. 
  • Powens tracks purchases made at partner stores using the data collected by its API
  • Paylead collects this information automatically and then retrieves the cashback. This money is then paid directly into the child’s savings account. 

Thanks to this pair, Capital Koala benefits from a turnkey solution. Their teams can now focus on organizing the life of their community and promoting their solution.

 

 

“By combining Powens and Paylead’s expertise we have been able to deploy our solution offline. Since bank data security is a highly sensitive issue, we rely on Powens’ know-how to guarantee our customers that their data will be protected and remain confidential. ”
Jean-Yves Bernard, co-founder, Capital Koala

 

The results 

Capital Koala’s savings solution for families is unique in France. On average, users save between €150 to €400 per year per child. With Powens and Paylead’s offline solution this amount can now even exceed €500. 

 

Figures: September 2021

  1. 8,000+ partner brick and mortar stores
  2. From €150 to €500 saved per user per child per year
  3. €5 million paid out to users’ children since 2011

In the fall of 2022, Stan is being deployed on several e-merchant and digital agency sites that run merchant CMSs.

 

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