UNest Expands Funding Options with PayPal Integration

Money app UNest, which helps parents invest in and save for their children’s future financial needs, announced in a Tuesday (Sept. 14) press release that it’s now integrated with PayPal on a program that will allow UNest members to put money into their kids’ investment and savings accounts.

It’s another move toward establishing a variety of funding options for a UNest Account for Kids, with PayPal joining traditional bank accounts as the best ways of boosting that special youngster’s bottom line in his or her proverbial piggy bank.

“The integration of PayPal offers UNest customers more choice and a fast, simple way to contribute to their kid’s saving and investment account,” Ksenia Yudina, CFA, founder and CEO of UNest, said in the joint announcement.

“PayPal shares our vision of helping parents set their children up for financial success,” she said. “We are thrilled to be collaborating with PayPal to help families, regardless of income or background, invest and save for their kids’ future.”

Related: PayPal’s Jim Magats: SMBs Must Meet Customers Across Connected Economy’s ‘Four Domains’

PayPal SVP of Omni Payments Jim Magats told Karen Webster in a recent PYMNTS interview that data that protects consumers and businesses against fraud and risk helps merchants and issuers spike transaction approval rates, the cornerstone of the connected economy.

“Digital” is another way of saying “connected,” he said, but smaller firms are struggling to keep up with larger companies with more resources and the ability to make moves first.

Also Read: Teach Your Children: Mozper Takes Financial Literacy To LATAM

Meanwhile, Yael Israeli, co-founder and chief financial officer of Mozper, recently told PYMNTS that digital banking services can help parents teach their kids how to save, spend and budget effectively.

“There’s only so much trouble a kid can get into with $10 in his hand, but when you let them be online with access to an adult’s credit card, they can sometimes end up in places that a parent wouldn’t approve of,” she said.