Osper gets $10M to bring the allowance into the 21st century for UK kids and parents

London-based mobile bank Osper has secured $10 million in new venture funding, led by Index Ventures. Other investors in the round include Horizons Ventures, and group of Angels that includes former CEO of Travelex Peter Jackson and Darren Shapland, ex-chairman of Sainbury’s Bank. The startup offers a prepaid debit card for young people that they can track via mobile app; and for parents, the platform’s ‘Allowance’ feature enables them to schedule recurring deposits and also track how their child is spending their money in real-time through the app.

It was founded in 2013 by Alick Varma, and participated in TechStars London. The team previously raised $1.2 million in Seed funding last summer. The service is currently still in beta.