Thursday, April 18, 2024

Goalsetter 2024 Update – What Happened After Shark Tank

Goalsetter Before Shark Tank

Getting a gift for a child could sometimes be a headache as children often have plenty of toys, which they only play with once before tossing them away. Children are also often irresponsible when it comes to saving money, which leads to bad financial decisions as an adult. Research has shown that children who have a savings account are four times more likely to own stocks in the future. Setting goals is also beneficial for children as it helps them get a clearer idea of what they want.

Tanya Van Court, a former Nickelodeon executive, founded Goalsetter to help children save money, be financially responsible, and accomplish their goals. Goalsetter is a service that allows children to save money for specific goals. This concept could be used as a present from other adults or as a way for parents to encourage children to save money to get what they need.

Goalsetter before shark tank 1 Tanya founded Goalsetter in 2016 hoping the platform would help kids learn how to handle money and the importance of setting goals. She found the inspiration for the company when her daughter wanted a new bike for her birthday, but all she got were some toys that she would only play with for one day before abandoning them. Tanya believed Goalsetter would help kids accomplish their goals, and adults won’t have to worry about picking a birthday present.

Goalsetter is easy to use for both parents and children. Kids can create an account and can then simply set their saving goals. Goals can be anything the child wants, whether it is to go to a robotics camp, sign up for ballet lessons, or buy a gaming console. Children can save money for their goal using two ways: A parent can gift the money through their own account or by redeeming a “GoalCard” which can be deposited into a goal of the child’s choice.

Tanya believes in Goalsetter’s potential to help children handle money, so she decided to go on Shark Tank. She wanted a business partner to help her market the company and use the funds to improve the service.

Goalsetter on Shark Tank

Tanya Van Court was on season 10 of Shark Tank when she pitched her company, Goalsetter, to the sharks. She was seeking $200,000 for 4% of her company. Tanya explained Goalsetter to the sharks, citing that by the age of 12, children would have over $7,000 worth of junk toys. She claimed that Goalsetter was the perfect gift for any child as it would help them attain any goal they wanted.

Tanya cited that kids who have a savings account in their name are six times more likely to go to college and four times more likely to own stocks as adults. Mark was curious how she was able to set up FDIC-insured savings accounts for kids. Tanya said the company creates FDIC-insured accounts in the parent’s name, who can then add their kids to their account. She claimed Goalsetter had recently been accepted into an accelerator with one of the three major consumer banks in the country.

Tanya told the sharks the two ways kids can gain money for their goals. The first is by getting gift “GoalCards” from others. The second is having parents set up an auto-save system that allows them to put a bit of money into the child’s goal every week or month. The company has three ways of earning money. Goalsetter takes a $0.05 fee for every transaction made. Parents can also sign up for a savings feature, which would give the company $1 a month per kid.

Goalsetter on shark tank

The third method Goalsetter uses to earn money is taking a percentage of assets under management. This method interested Kevin, who wanted to know more. The company’s partnered bank gives Goalsetter 100 basis points for their assets. Kevin was impressed by the amount and exclaimed that it was more basis points than the services offered by exchange and mutual funds.

Goalsetter has been selling publicly since January 2018, with $40,000 under management at the time of the pitch. The company has raised a total of $2.1 million since it had been founded. Tanya stated the customer acquisition cost to be $10 per customer. She claimed people had been hesitant to link their bank accounts because of recent data breaches, but the company’s partner bank was a trusted brand that would provide credibility, helping Goalsetter with customer acquisition.

Lori Greiner loved the mission and Tanya’s passion, but she believed it was too early for her to invest, so she was out.

Jamie Siminoff, a guest shark during the episode, felt that Goalsetter was too different from what he does, so he was out.

Daymond John didn’t think children would enjoy Goalsetter as a gift, so he was out.

Mark Cuban believed helping kids open a savings account was a great idea. But Tanya’s business was more complicated than that, so he was out.

Kevin O’Leary, the last shark in the tank, wanted a large chunk of the company if he was going to invest. He offered Tanya $200,000 for 25% of the company.

Tanya counter-offered with $200,000 for 8%; however, Kevin refused. Unable to convince him, she refused Kevin’s offer, and he was out. Tanya left the Shark Tank without a deal for Goalsetter, but she believed her company would grow and she would one day be a guest on the show.

Goalsetter Now in 2024 – The After Shark Tank Update

Goalsetter quickly got to work after the Shark Tank episode aired as new users signed up. Tanya continued to develop the application and saw some success as she was featured in various news networks and articles. In 2019, Goalsetter announced it had over 20,000 active users.

Goalsetter after shark tank 1 The company also expanded its features. Goalsetter now provides financial quizzes to help users of all ages gain financial literacy. The application also plans on adding a feature that allows users to easily invest in any company; this allows anyone to own stocks and gain experience investing in them. Goalsetter donates 5% of its fees to charities such as Black Lives Matter, Save The Children, Association to Benefit Children, and more.

In 2021, the company had several funding rounds. The first of which started in January and included investors such as Robert F. Smith, the chairman of Vista Equity Partners. NBA All-Star influencers Kevin Durant and Chris Paul also invested in the company. Goalsetter raised a total of $3.9 million in the seed round in January.

The following month, Mark Cuban partnered with Goalsetter for Black History Month. They announced Drafted, a project to support black and brown children by setting up savings accounts in their names with $40 in each account. The child would also get a debit card to help them gain financial stability as adults. Drafted’s goal is to provide a million children with these benefits to help them gain financial literacy early on in their lives. To help fund the project, Mark brought in the National Basketball Players Association (NBA).

Goalsetter after shark tank 2 In December, Goalsetter secured $15 million after a Series A funding round. The funding round included many return investors such as Kevin Durant and others. Actors Lance Gross and Anthony Anderson also invested in the funding round, hoping to spread financial literacy to children across the country. After the funding round was complete, Goalsetter launched its investment feature, which allows users to easily invest in companies and own stocks.

In 2022, Goalsetter won FinTech’s Breakthrough Award for Best Personal Finance Product. The achievement helped spread the business throughout the country and provided support to help the company develop in the future. The company currently has an increasing user base of 250,000 users. Goalsetter reported $5 million in annual revenue in May 2022.

Now, Tanya continues to work hard, hoping to spread financial literacy to kids by developing her product. Goalsetter is continuously improving and gaining more users in 2024. The company is expected to grow even further as it becomes a major financial service for children and adults. To find more information and updates about Goalsetter, visit their website here.

Omar Sheikh Alard
Omar Sheikh Alard
Omar brings a love for novels and anything tech-related to the Gazette Review. Fun fact: he was the reigning chess champion at his high school.
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1 COMMENT

  1. Goalsetter seems to be a great platform and Tanya is doing a huge job. Very nice article. Thanks for sharing.

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