Used by 100,000 Canadians, Mydoh releases Canada’s first personalised prepaid Visa card, in an effort to make learning about financial literacy more fun and engaging
TORONTO, May 2, 2023 – Mydoh, the financial app that helps youth practise money management skills while giving parents transparency and oversight, has launched its latest product innovation: a customizable skin for its physical cards.
Mydoh by Me is Mydoh’s new customizable Smart Cash Card (a digital and physical Visa* Prepaid Card1) that allows youth to express their unique personality. The custom card is the first of its kind in Canada and allows cardholders to design a card by uploading their favourite image or choosing one from the Mydoh gallery and adding fun digital stickers. Like a teen’s financial journey, with Mydoh by Me, no two are the same.
“We are excited to unveil our new Mydoh by Me custom card offering to Canadians,” said Arvind Agarwal, Head of Payments and Platform at Mydoh. “This is a first-of-its-kind experience in Canada, empowering youth to express their unique identity with every tap. Our innovative platform allows users to design their own card, turning an everyday financial tool into a personal statement.”
“This prepaid card will empower youth with fiscal independence and foster greater financial literacy,” said Brian Weiner, VP and Head of Product at Visa Canada. “This new product is a testament to the power of collaboration and innovation, and we are proud to work with Mydoh to uplift the next generation.”
Since its public launch in 2021, Mydoh has helped over 100,000 Canadians facilitate conversations about money habits, through real-life experiences. Mydoh’s interactive app makes it easier for parents to teach the basics of financial literacy, by assigning tasks and paying their kids an allowance. Youth learn to develop their own financial independence by spending responsibly using their own Smart Cash Card.
“Getting their first physical payment card represents a major milestone in many youth’s financial journey. Alongside our partners at Visa and Thales, we sought to make our popular Smart Cash Card more fun with Mydoh by Me,” adds Agarwal. “We heard from Mydoh parent users loud and clear, with 80% of parents in a recent user survey expressing interest in purchasing a custom card for the kids and teens in their lives.”
Mydoh users can order a custom card for a one-time purchase of $6.99 CAD. The classic Mydoh Smart Cash Card will still be available free of charge. New users can take advantage of a 30-day free trial, and Mydoh is only $2.99 per month after that.
Mydoh is an RBCx Ventures portfolio company, benefitting from the freedom to pursue bold ideas within RBC’s tech innovation arm, with the security and strength of one of the world’s largest financial institutions. Mydoh is an integral part of RBC’s offering to young Canadians. While backed by the security and trust of RBC, Mydoh is also available to customers of other Canadian banks.
Find out more about Mydoh by Me, and help the youth in your life start designing cards of their very own and taking charge of their financial future, today.
Since 2019, Mydoh has been committed to helping parents raise money-smart youth. Mydoh began with the shared belief that money management isn’t something you are taught, as much as something you learn through experience – and that experience should start early. Mydoh has championed this belief since its inception and with it, has been able to help over 100,000 Canadians build a more solid financial foundation for the next generation. Mydoh is a proud sponsor of the Ontario Basketball Association and Ontario Volleyball Association, who share the belief that developing skills through real-life experience supports the overall development of youth. Mydoh has also been recognized as an inspiring place to work, and was ranked 11th overall in the Top 50 Inspiring Workplaces in North America for 2022.
RBCx powers bold ideas, founders, and technology companies. We know building great businesses takes more than just finance, which is why our four pillars – Banking, Capital, Platform, and Ventures – combine to make us the go-to backer of Canadian innovation. We use our deep expertise to support businesses of all sizes and stages, and leverage RBC’s extensive experience, networks, and capital to solve tomorrow’s big problems.
For further information: please contact: Matt Trocchi, RBCx Communications, firstname.lastname@example.org, 416-200-6724
¹The Mydoh Smart Card is issued by Royal Bank of Canada.
*Visa is a trademark of Visa Int., used under licence.