regulated bank. Its application runs on Android and Apple devices that also include any iOS device running 6.0 or higher.

Osper is comprised of several investors, including Index Ventures, Horizons Ventures and a number of entrepreneurs, and individuals from the financial services market. To use the service, young people must be at least 8 years old, and must sign up with a parent or legal guardian. Their parents or guardians must be U.K. residents with a debit card from a U.K. bank.

Osper was launched in 2012 by Alick Varma, who previously worked at McKinsey and Spotify, and also trained to be a math teacher. It is based in London.