NBA Players Chris Paul and Kevin Durant Just Invested into this App

NBA stars Kevin Durant of the Brooklyn Nets and Chris Paul of the Phoenix Suns have invested into banking app Goalsetter.

The NBA players have joined billionaire Robert F. Smith, chairman of Vista Equity Partners, in the company’s $3.9 million investment round.

Goalsetter is a mobile banking app that allows peer-to-peer transactions. Users can also put funds on banking cards for purchases.

Goalsetter CEO Tanya Van Court, a former Nickelodeon executive, has told CNBC this past Friday that the mobile banking app will partner with top financial firms after a $3.9 million seed round.

According to the company, the funds would be used to expand its mobile application platform and accelerate subscriber growth.

Other investors include former NBA player Baron Davis and ex-New York Yankees pitcher C.C. Sabathia.

PNC Bank, Mastercard, and Elevate Capital, a fund that invests in women and entrepreneurs of color have also invested.

In the CNBC interview, Van Court said the firm has other corporate partnerships that will be revealed this year. She added that the firm will announce a unique initiative to help promote the app near February’s Black History Month.

Van Court says the Goalsetter’s uniqueness centers around financial literacy, especially among Black youth.

According to the founder, the app can help combat wealth inequality with savings tools and by promoting “delayed gratification” by helping families reach financial goal and limit spending.

One of Goalsetter’s features is “learn before you burn,” where parents can lock debit cards until their children complete weekly financial literacy quizzes.

“So, if you activate this tool, your kids’ debit card will automatically freeze on Sunday mornings if they haven’t taken their financial literacy quiz for the week,” Van Court said. “And it will unfreeze once that kid takes their financial literacy quiz.”

“We use humor, lyrics, personalities that kids can relate to, hip-hop, and culture to explain key financial literacy concepts,” Van Court said. “We are seeing that this resonates with kids.”

“It means so much that they are putting money behind a Black woman-owned company when we all know Black women-owned companies have been the last on the totem pole of venture capitalists,” Van Court said of the recent NBA players investing.

“It’s larger than just a check,” she added. “They are investing in the next generation of kids to make sure they learn financial education. To make sure they learn how to save early and develop savings habits. But they also are investing in the fabric of ownership in Black America.”

“We know we’re as attractive to kids of Morgan Stanley employees as we are to kids of McDonald’s employees,” Van Court said. “We believe that everyone on the spectrum will sign up for Goalsetter.

“Those who can afford to pay will pay for themselves and their kids. And the truth of the matter is, they’ll probably pay a bit more and subsidize those families who can’t afford to pay. And those who can’t afford it will still be on Goalsetter.”

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.