Tanya Van Court has come up with the idea of a platform dedicated to teaching kids to have savings account for kids in order to become financially literate sooner and be able to save up for any of their future interests and projects instead of giving away their money for gifts or toys that they forget about after just using them a few times.
Tanya believes that this will help both kids and their parents with their savings and will encourage children to be financially responsible from a younger age and thus flourish and develop better. Will the sharks be interested in the idea? Let’s find out.
GoalSetter at a glance:
| Business idea | Savings account for kids to encourage financial literacy. |
| Founder | Tanya Van Court |
| Asked for | $200,000 for 4% |
| Accepted deal | No Deal |
| Sharks | No Shark |
| Business status | In business |
| Episode | Season 10, Episode 15 |
| Website | GoalSetter |
Index:
Founder Story:
The founder of GoalSetter, Tanya Van Court, had been a former executive at Nickelodeon and had a good understanding of children, and got the idea of her company from her daughter when she asked if she could be taught how to create an investment account for her 9th birthday.
Tanya believed that her idea would not only help the youth become more financially responsible at a younger age but would also help close the financial gap that is present regarding different social groups in America. She then set up her company with the help of her understanding of children and her financial education to start GoalSetter, and now comes to Shark Tank to find a shark for her company.
Did GoalSetter get a deal on the Shark tank?
Tanya Van Court introduces herself, asking $200,000 for 4% of her company. She explains to the sharks about the company and how children can be gifted savings accounts and funds through gift cards and other methods in order to become more financially aware and responsible after using these funds for their future interests. Her sales have been $40,000 up to that date by charging $1 per transaction with a 5c transaction fee, as well the partner banks giving her 1% of assets under management, which Kevin O’Leary is especially impressed by.
Unfortunately, the sharks are skeptical regarding the vast sales to investment ratio of $21.1million to $40,000. Lori then backs out, as she thinks she is not the right investor for the company, along with Jamie who doesn’t seem to understand the idea that well. Daymond and Mark also go out, as they think that kids may not be so interested in such a service earlier in life, with Mark doubting the gift card aspect of the service.
Kevin tries to do a deal for a 25% stake, but Tanya rejects it. She tries to counter with 8% or 9% stake but Kevin says no. Jamie also mentions how he became a billionaire even though he rejected a deal from Kevin. Tanya then thanks the sharks and leaves.
What happened to GoalSetter after the shark tank?
The company surely experienced the post-shark Tank media exposure and then went on to have a seed round in January of 2021, where they raised over $3.9million with the help of NBA players Chris Paul and Kevin Durant as well as the Chairman of the investment firm Vista Equity Partners, Robert Smith. Nike also donated $ 1 million to help them in their cause.
Mark Cuban also came into a partnership named Drafted, with the company with a goal to increase financial literacy in the youth by creating a million accounts for black kids with $40 each in them, with some aid from the NBA players’ Association.
Product details:
- The kids and parents sign up on the app, the kids then enter some of their future projects or interests and can put money into these accounts through deposits or through “GoalCards” which parents can give to their children on occasions, similar to gift cards.
- There is also an option of a Cashola card, which acts as a debit card for teenagers with a limit of $10,000 and a maximum purchase limit of $2,500.
- The company can be contacted at, hello@goalsetter.co
- The company is based out of New York.
Competitors of GoalSetter
Some competitors of GoalSetter are-
- Quber Inc.
- HardBacon Inc.
- Cowrywise Inc.
- Crowdo Inc.
- Cent-Sai Inc.
What is the net worth of GoalSetter?
The company had a valuation of $ 5 million during shark tank, and now with around $ 5 million in just annual revenue, and the net worth is $2.7million, the company’s net worth as of 2022 should be higher, but we are not sure regarding the same.
Is GoalSetter still in business?
Yes, as of 2022, this company is still in business with annual revenue of around $ 5 million.
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FAQs:
What is GoalSetter?
GoalSetter is a savings account for kids to encourage financial literacy.
Who founded GoalSetter?
The founder of GoalSetter, Tanya Van Court, had been a former executive at Nickelodeon and had a good understanding of children, and got the idea of her company from her daughter when she asked if she could be taught how to create an investment account for her 9th birthday.
