RBC Ventures Introduces Mydoh: An Innovative Money Management App & Smart Card To Help Raise A New Generation Of Money-Smart Kids

Developed by RBC Ventures, Mydoh is a money management app and Smart Card (which includes a digital and physical Visa Prepaid Card) that helps kids make their own earning and spending decisions — learning values that help build a strong foundation for the future. Mydoh gives parents everything they need to make raising money-smart kids easier.

The Mydoh app is available on iOS and Android devices across Canada, and is offered and operated by Royal Bank of Canada. While backed by the security and trust of RBC, Mydoh is also available to customers of other Canadian banks.

Mydoh has developed an interactive solution to provide youth with hands-on, real-world experience in responsible spending while still allowing for parental guidance and oversight. Mydoh makes the earning experience fun, allowing parents to assign tasks or chores that their children can complete to earn money.

Using innovative security measures, like advanced digital ID verification, Mydoh allows parents to securely sign-up in less than five minutes. Parents then simply invite their kids to create their own personalized account on the platform to access a digital Visa Prepaid card immediately upon sign-up, and then they receive a physical Visa Prepaid cardParents can lock and unlock their child’s card at any time.

The physical Visa Prepaid card only bears the holder’s name and expiry date on it, but does not include the card number or other credentials. The card credentials are only available in the Mydoh app. This is a first of its kind innovation in Canada thanks to RBC’s collaboration with Visa Canada.

The Mydoh money management app and Smart Card further complements RBC’s commitment to developing consumer products that empower parents to teach their kids the right money habits.

Since 2019, Mydoh has been committed to helping parents raise money-smart kids. Mydoh began with the shared belief that money management isn’t something you are taught, as much as something you learn through experience – and that experience should start early. Kids learn money basics through play, earn their own money through tasks, and spend it wisely using their Mydoh Smart Card. Parents can see their kids’ spending activity and control how involved they want to be. Learn more at mydoh.ca.

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Success comes from the 86,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so they can help clients thrive and communities prosper. As Canada’s biggest bank, and one of the largest in the world based on market capitalization, RBC has a diversified business model with a focus on innovation and providing exceptional experiences to their 17 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.‎

RBC Ventures is a subsidiary of Royal Bank of Canada that goes beyond banking to reimagine the role they play in the lives of consumers and businesses. They are building new ventures, acquiring growing firms, making investments and partnering with organizations that share our vision. For more information, visit RBCVentures.ca.

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