What Happened to Goalsetter After Shark Tank?
What is Goalsetter?
Goalsetter is an app designed to pique the interest of children and families in saving money. With simple-to-use money-saving and smart-spending features.
Goalsetter enables you to track and achieve your savings goals, rapidly transfer money between friends and family, arrange allowances, and monitor your children’s spending.
Tanya Van Court, the company’s president and CEO, previously worked for Nickelodeon as SVP of Preschool and Parenting, overseeing NickJr.com, Noggin.com, and Nickelodeon’s parenting programs.
But it wasn’t until her daughter’s ninth birthday that she was motivated to start Goalsetter. Tanya’s daughter asked her mother for only two things when she turned nine.
A new bike, as well as sufficient funds to create one’s own investment account. Tanya instead purchased a “Make Your Own Gum” Kit, two weaving looms, and a butterfly conservatory for her daughter to teach her the value of saving money.
Who is the founder of Goalsetter?
Tanya Van Court, the company’s founder and CEO, previously worked for Nickelodeon as the SVP of Preschool and Parenting, overseeing NickJr.com, Noggin.com, and Nickelodeon’s parenting programs.
According to studies, children who learn to manage and save money at a young age grow up to be more financially responsible adults. Goalsetter gets people started on the right track and invites family and friends to join in.
Tanya Van Court, a former Nickelodeon executive, introduces the Sharks to Goalsetter, a program that educates children about money management and goal setting.
According to studies, children who learn to manage and save money at a young age grow up to be more financially responsible adults.
With the assistance of a parent, children under the age of 13 create an FDIC-insured savings account (children beyond the age of 13 can open an account on their own). They create a profile and choose savings goals such as college funds, a new bike, or even a vacation to Disneyland.
Similar to an Acorn account, parents may set up a “round-up” savings contribution that puts money into the account on a monthly basis.
A “GoalCard” can be purchased by anybody to support a specific goal in the child’s Goalsetter account. They can convey their goals using links and/or social media.
Goalsetter can help you in two ways. It instills in youngsters the value of saving money. There’s also the advantage of teaching kids how to set and attain financial and non-financial goals.
Tanya came up with the concept for Goalsetter because her child did not receive a new bike for her birthday. Instead, she got a bunch of lousy toys.
Tanya came to the conclusion that parents should not encourage consumerism in their children, but rather encourage them to pursue their dreams.
Goalsetter works with well-known companies such as MasterCard, Acorn, Sesame Street, and Facebook. They make money by collecting processing fees and contributing 5% of all fees collected to a variety of children’s charities.
What Happened to Goalsetter’s Shark Tank Pitch?
Goalsetter gets people started on the right track and invites family and friends to join in. Tanya Van Court picked Shark Tank Season 8 Episode 21 to pitch her company. Tanya is searching for Shark money to help with marketing and new partnerships.
Tanya entered the Shark Tank pitch seeking for $200,000 in exchange for a 4% stake in her firm, which worth $5 million.
She has made a total of $40,000 in sales. She claims they make money by charging $1 every transaction plus a $5 processing fee.
Partner banks also give 1% of assets under management to her. Kevin was crazy about those figurines! What he and the other Sharks don’t like was that she’s already raised $21.1 million in compared to her low sales statistics.
Lori likes the idea but feels it was uninvest able; she exits.
Jamie likes it as well, but he’s unfamiliar with the region, so he went out too. Daymond like the idea of physical gifts; he’s also out.
Mark likes the idea of kids’ savings accounts, but not the gift card component of the company; he’s out.
Kevin entered the fray, offering $200,000 for 25% equity shares and claiming mastery of financial markets. He believes that he can assist the company in branding and selling itself.
Tanya counters with $100,000 for 8% stake, which Kevin refuses.
Jamie joins Tanya’s voice, informing her that he turned down an offer from Kevin and walked away a billionaire. Tanya turns down Kevin’s offer and exits the Tank without a deal.
What Happened to Goalsetter After Shark Tank?
Tanya’s business was still operating in June of 2019 despite the fact that she had left the pitch without a deal, and she continues to make headlines. There are 20,000 active users, according to the company.
In January 2021, the company received $3.9 million in a seed round backed by NBA players Kevin Durant and Chris Paul, as well as billionaire investor Robert F. Smith of Vista Equity Partners.
Mark Cuban announced a partnership with Drafted for Black History Month in February 2021. Mark also enlisted the assistance of the NBA Players’ Association in his attempt.
The goal is to establish a bank account with a balance of $40 to one million black and brown youngsters. The goal is to promote the financial literacy of young people. As of December 2021, the company’s annual sales were $5 million.
Goalsetter’s major competitors include ClickLease, Moneytech, Clix Capital, and LoanTap.
Goalsetter’s Net Worth
During and after the pitch, the firm was valued at $5 million; since then, the company has been operating with yearly revenue of $5 million as of December 2021.
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What is the percentage of time that a parent must be present when their child uses Goalsetter?
Parental controls are managed through mobile app and parents’ portal. An account can be created for every child on the platform.
If a child sets a goal for $1,000, but nobody contributes to it, does the money still go towards the child’s goal?
A $1 contribution goes towards reaching the goal of their accounts regardless if what they need to buy reaches that amount.
How does one know if a Goalsetter user has redeemed their gift card?
The app shows if a goal has been achieved.
Does Goalsetter also have a rewards system?
Yes, Goalsetter also has a rewards system, where the company rewards its users for enrolling in their program.
If a child has surpassed his or her goal and those funds are automatically withdrawn, how do they access their money?
Parents can withdraw their child’s money through the app or their portal.
Does Goalsetter offer other products such as banking services?
Goalsetter is an FDIC-insured savings account but does not have banking services.
If so, how does this work?
Rewards can be accrued towards goals or towards a user’s online accounts. In addition, any Gift Cards can be used to purchase merchandise and reward credits can be used in the store.
What content is displayed on Goalsetter’s website?
The website displays the name, age, and gender of the user; their goals; and the ones achieved.
How does one sign up for Goalsetter?
Goalsetter users can sign up by filling out an application form either online or through an app. It is important to note that having a bank account with Goalsetter is mandatory before they can apply for their program. In addition, a parent must be present while they’re using the program.
What are the benefits of the program?
The program allows for savings goals and offers rewards.
What other accounts does one need to open upon joining Goalsetter?
A bank account is needed before one can join.
How can one set up accounts for accountability partners?
Accounts for accountability partners are set up in Goalsetter’s portal or app.
How does Goalsetter help in the financial literacy of a child?
All money that is deposited into the account can be withdrawn by the child once they’ve achieved their goal. In addition, if a parent withdraws from the account before it is reached, that amount can only be repaid to a parent through a Goal’s check.
Is there a limit on how much one can deposit into their account?
There is no limit as to how much one can deposit into their Goalsetter account.
How does Goalsetter make money?
Goalsetter makes money through individual contributions to the child’s accounts.
How can one deposit money into their child’s account?
The parent or guardian of the user can add funds to their account. These can be done through the app or a mobile device and also through the Goalsetter website.
How do I make payment to Goalsetter?
Goalsetter accepts payments through debit or credit cards and MasterCard.
Is it possible to cash out of an account?
Goalsetter does not allow users to cash out from their account.
Can I withdraw money from my child’s account?
Any money that is withdrawn through their Goalsetter account is available for withdrawal by the child once they’ve achieved their goal. The parent does not have access to these amounts on behalf of the child.