Caxton Payments Ltd, and ParentPay, the payment system for schools, today announced a major agreement.
Caxton has acquired the entire operating business and share capital of Nimbl, the pocket money app from ParentPay, expanding Caxton's offering into the fast-growing market of youth money apps and cards.
Nimbl customers and their accounts will be unaffected by this change of ownership. Customers can continue to use their cards as normal and will not be asked to change their account details, log-ins or passwords.
Under the all-cash deal, Nimbl will operate as a standalone company within the Caxton group. Alana Parsons will become Chief Executive of Nimbl with immediate effect, leading the company as it enters its next phase of growth. She will retain her role as Group Chief Operating Officer of Caxton,
Chief Executive of Nimbl, Alana Parsons: "We're thrilled to be expanding the Caxton magic to a wider customer base through Nimbl. With its strong brand and innovative offering, combined with the resources that Caxton will provide, Nimbl will make a significant impact on the youth money app market."
Caxton founder and Group CEO, Rupert Lee-Browne said "At Caxton, we believe that financial education is essential, and we're excited to be acquiring Nimbl to expand our offerings in this area. We're committed to helping young people learn about responsible personal finance and develop healthy habits around money management. With Nimbl's expertise in this field and our shared values, we're well positioned to make a positive impact on the financial lives of young people."
Founded in 2015 by the owners of ParentPay, Nimbl taps into the growing trend of using apps and prepaid cards to teach children and young adults about personal finance. Nimbl's platform provides a safe and secure way for parents and carers to give pocket money to their children, while also offering a range of features that help young people learn about budgeting, saving, and spending wisely.