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Osper raises £6m for UK expansion

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By John Glenday, Reporter

June 30, 2014 | 1 min read

Osper, the children’s pre-paid debit card provider, has raised £6m in funding to finance a UK expansion drive that will see the plastic rolled out nationwide and the export of the concept to international markets.

Currently being tested the bright orange cards have proven popular with children, who view the product as a symbol of responsibility with more than £10k being loaded onto the cards by parents.

This is connected to its own app which provides parents and child with a detailed breakdown of spending incurred as well as transferring money directly from the guardian’s account.

Osper is financed through a subscription model which sees the card and associated app given away free for the first year, but with a £10 per year charge incurred thereafter.

Alick Varma, founder of Osper, said: “Young people love having the card. It’s a responsibility but it’s exciting too.”

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