Kard secures €3 million in funding from Founders Future and angel investors with Laurence Krieger, Michael Vaughan, Jon Oringer and Iris Mittenaere.

Kard, a Paris, France-based startup building a business based on providing financial services to teenagers, announced raising a €3 million ($3.5M) capital round.

The money was rasied from private investors from the UK led by Founders Future and including contributions from angel investors Laurence Krieger, Michael Vaughan, Jon Oringer and Iris Mittenaere.

The proceeds will be used to further enhance the company's product, namely new additions to the mobile app, especially for parents, as well as to be able to add partners in the company's supply chain network.

Kard, founded in 2017 by Amine Bounjou, Fabien Penso and Scott Gordon (CEO), is building a challenger bank specifically designed for teenagers. The company is used by about 50k teenagers who were onboarded via a free service for which the company now aims to start charging, via a monthly subscription fee.

Prior to this round, at the beginning of 2019, Kard raised another €3 million from Kima Ventures and a group of French angel investors.