What is Goalsetter and how did it fare on Shark Tank Season 10? Goalsetter is a financial literacy app designed for kids and families, promoting goal-based savings and gifting. It was featured on Season 10 of Shark Tank, where founder Tanya Van Court sought $200,000 for 4% equity. Despite a compelling pitch, she did not secure a deal with any of the Sharks. However, Goalsetter has continued to thrive and grow since its appearance on the show.
Summary
- Goalsetter is a financial app that helps kids learn about saving and setting financial goals.
- Founder Tanya Van Court pitched the idea on Shark Tank Season 10 but didn’t get a deal.
- Despite not getting a deal, Goalsetter has continued to grow and succeed.
- They have partnered with major companies like Mastercard and Facebook.
- Goalsetter has raised millions in funding and continues to expand its reach.
Goalsetter Shark Tank Update | Shark Tank Season 10
What is Goalsetter?
Goalsetter is a financial technology platform designed to make financial literacy fun and engaging for kids and families.
It combines savings accounts, goal-setting tools, and gifting options to help young people learn about money management in a practical and rewarding way.
Goalsetter’s Mission and Vision
Goalsetter’s mission is to empower the next generation to become financially responsible adults.
They envision a world where all children have the knowledge and tools to build a secure financial future.
By making financial literacy accessible and engaging, Goalsetter aims to close the wealth gap and create a more equitable society.
Goalsetter on Shark Tank Season 10
1. Tanya Van Court’s Pitch
| Entrepreneurs | Tanya Van Court |
|---|---|
| Business | Goalsetter – Financial Savings Accounts for Kids |
| Ask | $200,000 for 4% equity |
| Deal | No Deal |
| Sharks | None |
| Season – Episode | Season 10 – Episode 10 |
| Original Air Date | November 11, 2018 |
| Website | Goalsetter |
| Key Points of Pitch |
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| Why Sharks Declined |
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2. The Sharks’ Feedback
While the Sharks were impressed with Tanya’s passion and the importance of Goalsetter’s mission, they had some reservations.
- Low Sales: Despite having raised significant funding, Goalsetter’s sales figures at the time were relatively low. This raised concerns about the company’s traction and potential for profitability.
- Complex Business Model: Some Sharks found the combination of savings accounts, gift cards, and educational content to be complex. They questioned the company’s focus and ability to scale.
- Valuation: Tanya’s ask of $200,000 for 4% equity implied a $5 million valuation, which some Sharks felt was too high given the company’s early stage.
3. Why No Deal Was Made
Ultimately, no Shark made an offer due to a combination of the factors above. Kevin O’Leary showed initial interest but ultimately declined due to valuation disagreements.
The other Sharks were not convinced that Goalsetter was the right investment for their portfolios at that time.
Goalsetter Update: Post-Shark Tank Success
Despite not securing a deal on Shark Tank, Goalsetter has achieved remarkable success since appearing on the show.
Tanya Van Court’s vision and determination, coupled with a growing need for financial literacy tools, have propelled the company forward.
1. Growth and Funding
Goalsetter has experienced significant growth in users and funding. They have attracted investments from prominent figures like NBA stars Kevin Durant and Chris Paul, and billionaire Robert F. Smith.
These investments have fueled the development of new features and expanded the platform’s reach.
In 2024, Goalsetter raised $9.6 million in a Series A funding round, demonstrating continued confidence in the company’s potential.
2. Partnerships and Collaborations
Strategic partnerships have been crucial to Goalsetter’s success. They have collaborated with major organizations like Mastercard, Sesame Street, and the NBA Players’ Association.
These collaborations have helped Goalsetter gain visibility, credibility, and access to new markets. Working with established brands has also enhanced their educational content and user experience.
3. Impact on Financial Literacy
Goalsetter is making a real difference in improving financial literacy among young people. By providing engaging tools and resources, they are helping kids develop essential money management skills.
Goalsetter’s impact extends beyond individual users, as they also partner with schools and financial institutions to promote financial education.
Their efforts are contributing to a generation that is more informed and empowered to make sound financial decisions.
Key Features of Goalsetter
Goalsetter stands out with its unique blend of features designed to make saving and financial learning engaging for young people. Here are some of its key offerings:
1. Goal-Based Savings Accounts
Goalsetter provides FDIC-insured savings accounts specifically for kids. What makes these accounts special is the focus on goals.
Kids can set savings targets for anything they desire, like a new bike, a video game, or even college. This goal-oriented approach helps them visualize their progress and stay motivated to save.
2. Gifting Options
Goalsetter offers a unique gifting feature called GoalCards. Family and friends can contribute to a child’s savings goal by purchasing a GoalCard.
This allows for gift-giving that aligns with the child’s aspirations and teaches them the value of saving towards something meaningful.
3. Educational Resources
Goalsetter goes beyond just savings accounts by providing a wealth of educational resources.
These resources include quizzes, games, and articles that teach kids about financial concepts in a fun and interactive way.
Goalsetter even incorporates pop culture references to make learning more relatable and engaging for young users.
How Goalsetter Works
Getting started with Goalsetter is simple and straightforward. Here’s a quick overview of how it works:
1. Account Creation
Parents can easily create an account for their child. The process is quick and secure, ensuring that the child’s information is protected. Older kids can even create accounts themselves with parental consent.
2. Setting Goals
Once the account is set up, kids can start setting savings goals. They can choose from a variety of pre-set goals or create their own.
Goalsetter encourages kids to be specific with their goals, setting target amounts and deadlines.
3. Tracking Progress
Goalsetter makes it easy for kids to track their progress towards their goals.
The app provides visual representations of their savings journey, showing them how close they are to reaching their targets.
This visual feedback keeps them engaged and motivated to continue saving.
Benefits of Using Goalsetter
Goalsetter offers advantages for both kids and parents, making it a valuable tool for families looking to build strong financial habits.
1. For Kids
- Learn about Money: Goalsetter teaches kids about saving, spending, and the importance of financial responsibility in a fun and engaging way.
- Set and Achieve Goals: The platform encourages kids to set financial goals and provides the tools to help them achieve those goals. This builds confidence and a sense of accomplishment.
- Develop Good Habits: By using Goalsetter, kids develop healthy financial habits that will benefit them throughout their lives.
2. For Parents
- Teach Financial Literacy: Goalsetter provides parents with an effective way to teach their kids about money management.
- Encourage Saving: The platform motivates kids to save money, making it easier for parents to instill this important habit.
- Track Progress: Parents can monitor their child’s progress and provide guidance along the way.
- Meaningful Gifting: Goalsetter offers an alternative to traditional gifts, allowing family and friends to contribute to a child’s savings goals.
Goalsetter’s Future Plans
Goalsetter has ambitious plans for the future, aiming to expand its reach and impact. Some of their key initiatives include:
- Expanding Educational Content: Goalsetter plans to continue developing engaging and informative financial literacy resources for kids.
- Reaching More Families: They aim to make Goalsetter accessible to even more families, including those from underserved communities.
- Building Partnerships: Goalsetter will continue to collaborate with organizations and institutions to promote financial education and empower the next generation.
- Adding New Features: They are constantly working on new features and enhancements to improve the user experience and provide even more value to families.
With its innovative approach and commitment to financial literacy, Goalsetter is poised to make a lasting impact on how young people learn about money and achieve their financial goals.
FAQs
Is Goalsetter safe for kids?
Yes, Goalsetter prioritizes safety and security. They use bank-level encryption to protect user information. The accounts are FDIC-insured, meaning the funds are safe even if Goalsetter were to experience financial difficulties. Parents also have control over their child’s account and can monitor activity.
How much does Goalsetter cost?
Goalsetter has a few different pricing plans, including a free option with basic features. Paid plans offer additional features like personalized financial coaching and access to more educational resources. You can visit their website for detailed pricing information.
How can I contact Goalsetter?
You can reach out to Goalsetter through their website’s contact form or by emailing their customer support team. They also have active social media accounts where you can connect with them.
The Bottom Line
Goalsetter is more than just a savings app; it’s an investment in your child’s financial future. By combining practical tools with engaging educational content, Goalsetter empowers kids to take control of their finances and develop healthy money habits that will last a lifetime.
Even though they didn’t secure a deal on Shark Tank, Goalsetter’s continued success is a testament to the importance of their mission and the effectiveness of their approach. If you’re looking for a way to teach your kids about money while making it fun and rewarding, Goalsetter is definitely worth considering.
