Goalsetter Shark Tank Update | Goalsetter Net Worth
Goalsetter is a gifting and goal-based savings platform that appeared on Season 10 of Shark Tank. It was founded by Tanya Van Court, who utilized her experience as a former Nickelodeon executive to create a platform that uses fun and interactive methods to help children learn about saving money.
The idea is to leverage the power of savings accounts established in children’s names and to utilize these as a catalyst for change in their lives. Goalsetter essentially operates as a digital piggy bank.
Parents and children can set up an FDIC-insured savings account, which can be linked to their Goalsetter account via an app. Families can then set financial goals after this is done.
The platform then creates interesting ways to save money towards these goals, with funds often coming from the children’s allowances. Goalsetter has a ‘learn and earn’ component.
The platform includes K12 literacy quizzes and fun riddles, making it an engaging tool for kids. It also employs a feature where a preset amount spent from parents’ credit or debit cards is rounded up to the nearest dollar, with the spare change being transferred to the Goalsetter account.
In addition, relatives can gift money directly into the child’s Goalsetter account, similar to a gift card. Its emphasis on financial education sets Goalsetter apart from other savings apps.
It encourages children to save for goals such as a new bike or college education, thus teaching them the value of money and financial planning from an early age. It’s designed to foster good financial habits that could last for generations.
Goalsetter has a limitation in terms of banking options, as it has partnered with a limited number of banks, potentially excluding smaller banks from compatibility.
Despite this, its approach and focus on improving financial literacy among young people make it a good choice for families looking to teach their children the value of money and the importance of saving.
Goalsetter is a savings platform that combines education, entertainment, and financial strategy. It’s a user-friendly application engages the whole family in saving and financial planning, making it a beneficial tool in today’s digital world.
| Company Name | Goalsetter |
| Founder | Tanya Van Court |
| Product | An app designed specifically for kids and families to save, give, and learn about money |
| Investment Seeking | $200,000 for 4% equity in Goalsetter |
| Final Deal | Offer Declined |
| Shark | No Shark |
| Goalsetter Episode | Season 10, Episode 15 |
| Goalsetter Status | In Business |
| GoalsetterWebsite | Visit Website |
| Goalsetter Net Worth | $10 Million |
What Is Goalsetter?
Goalsetter is a personal finance platform that promotes financial literacy and smart money management habits among families. It’s a tool that combines education, saving, investing, and fun – all in one app.
The Goalsetter app offers features like the Cashola Debit Card, fun finance quizzes, easy saving and investing options, and near-real-time money transfers. It also allows automatic allowance deposits and fosters financial strength for all family members – adults, teens, and kids.
The platform’s approach includes game-based financial education to make learning about finance engaging. Goalsetter also offers partnerships with employers, banks, schools, and educators to provide financial wellness and curriculum tools.
Goalsetter has been recognized as the 2022 Best Personal Finance Product and featured for its approach to money management.
Who Is The Founder Of Goalsetter?
The founder of Goalsetter is Tanya Van Court. Before she started Goalsetter, Van Court had a successful career as an executive at Nickelodeon, which gave her valuable insights into the interests and behaviors of children.
Her inspiration for creating Goalsetter came directly from her own family. On her ninth birthday, Van Court’s daughter wanted to learn about investing and asked for an investment account instead of traditional gifts. This request sparked the idea of a platform dedicated to teaching kids financial literacy and the importance of savings.
Van Court was deeply influenced by her daughter’s interest and recognized an opportunity to tackle a significant social issue – the financial literacy gap among different social groups in America.
She combined her understanding of children’s needs and financial knowledge to establish GoalSetter, a platform encouraging children to become financially literate and save for their future interests and projects.
Before appearing on Shark Tank, Goalsetter was already operating and had made sales of $40,000, charging $1 per transaction with a 5c transaction fee. The platform also earned revenue from partner banks, which provided 1% of assets under management.
The application offered features where children could be gifted savings accounts and funds through gift cards and other methods, instilling financial awareness and responsibility from a young age.
Despite its initial successes, Goalsetter faced a significant challenge when it sought investment from the Shark Tank panel. The sharks were skeptical of the large sales-to-investment ratio and doubted whether children would be interested in such a service early in life.
Goalsetter continued to operate and develop after the exposure to Shark Tank, raising substantial funding in a subsequent seed round and partnering with prominent figures such as NBA players and investment firms.
Inspired by her daughter’s birthday wish, Tanya Van Court’s idea gave rise to Goalsetter, a platform designed to bridge the financial literacy gap among young people in America.
How Was The Shark Tank Pitch Of Goalsetter?
Tanya Van Court, the founder of Goalsetter, appeared on Season 10 of Shark Tank to pitch her company. Goalsetter is a platform designed to help parents and kids establish savings accounts for the future.
Tanya was seeking an investment of $200,000 for a 4% equity stake in her company, valuing Goalsetter at $5 million. However, Tanya believed she could secure an offer by demonstrating the value and potential of her company, which focuses on encouraging children to save money.
During her presentation, Tanya encountered concerns from the Sharks regarding the complexity typically associated with setting up a bank account for children.
Mark Cuban, for instance, raised questions about potential banking fees. In response, Tanya clarified that the ACH bank fees of just five cents per transaction were not a significant concern.
One of Goalsetter’s primary revenue sources is a $1 fee charged for every gift card issued through the platform. This aspect of the business model seemed to fund the ‘gift-giving’ part of the company independently.
Kevin O’Leary had questions about the customer acquisition costs for the platform. Tanya addressed these concerns, stating that the cost to attract a new customer was about $10.
As the negotiations progressed, Lori Greiner opted out, explaining that she didn’t believe Goalsetter was at a stage that would make it a suitable addition to her investment portfolio.
Daymond John also backed out for similar reasons. This left only Kevin O’Leary and Mark Cuban remaining in the negotiations. Mark dropped out, citing the company’s business model’s complexity as his reason.
Kevin O’Leary proposed an offer of $200,000 but wanted a 25% equity stake in return. Tanya countered his proposal with an offer of 9% equity for the same investment amount, but Kevin declined this counteroffer. Consequently, Tanya exited the Shark Tank without securing a deal for Goalsetter.
Despite not receiving an investment from the Sharks, the Goalsetter story didn’t end there. The company continued to grow after its Shark Tank appearance, attracting more users to its platform.
Goalsetter had accumulated approximately $5 million in gross annual sales, demonstrating its steady growth and success.
What Happened To Goalsetter After Shark Tank?
After appearing on Shark Tank, Goalsetter experienced a positive trajectory in its business. Although Tanya Van Court, the founder, didn’t secure a deal on the show, the exposure greatly helped the company, drawing more attention to its platform and mission.
The company has since seen a steady increase in its user base, with more parents and children setting up savings accounts for future needs and goals. Goalsetter completed a successful seed funding round in January 2021, raising over $3.9 million.
There were notable backers, such as NBA players Chris Paul, Kevin Durant, and Robert Smith, the Chairman of Vista Equity Partners. Further, the company received a $1 million donation from Nike to aid in its cause.
A noteworthy partnership also formed post-Shark Tank between Goalsetter and Mark Cuban, one of the Sharks on the show, although he had initially backed out during the show.
The partnership, called Drafted, aimed to boost financial literacy among the youth. The initiative proposed creating a million accounts for black kids with $40 each, aided by the NBA Players’ Association.
Goalsetter continued its services by introducing the “GoalCards,” a feature that allows parents to gift money into their children’s accounts on special occasions.
Furthermore, they introduced a “Cashola” card, which acts as a debit card for teenagers with a spending limit of $2,500 and a maximum account balance of $10,000.
The company was still in operation, reportedly with an annual revenue of around $5 million. Despite not receiving a deal on Shark Tank, the company has successfully implemented its mission to promote financial literacy among children and facilitate saving habits from an early age.
Goalsetter Shark Tank Update
After its appearance on Shark Tank, Goalsetter, founded by Tanya Van Court, witnessed significant growth and success. Despite not securing a deal on the show, the platform continued to expand and achieve its mission of promoting financial literacy among children.
The company gained exposure and attracted substantial funding through various initiatives. Goalsetter raised $3.9 million in a seed round in 2020, collaborating with prominent figures like NBA players Chris Paul, Kevin Durant, and Robert Smith, the Chairman of Vista Equity Partners.
Despite Mark Cuban not making a deal on the show, he later partnered with Goalsetter. This partnership launched “Drafted,” an initiative to increase youth financial literacy. The initiative intended to provide 1 million accounts for black kids with $40 each, supported by the NBA Players’ Association.
Goalsetter achieved further funding success with a Series A round, raising $15 million, with celebrity investors joining the effort. The company expanded its services by introducing new features.
It added financial quizzes and stock investment features, enhancing the educational aspect of its platform. Goalsetter introduced an investment feature that allows stock ownership, empowering users with investment opportunities.
The platform expanded significantly, with Goalsetter being recognized for its efforts. It won FinTech’s Breakthrough Award and expanded its user base to around 250,000 by 2022. By May 2022, Goalsetter recorded an impressive annual revenue of approximately $5 million.
Goalsetter’s post-Shark Tank journey has been marked by substantial growth, strategic partnerships, funding success, and an increasing impact on promoting financial literacy among children.
The company’s expansion, features, and commitment to its mission have positioned it as a prominent financial platform for children and adults.
Is Goalsetter Still In Business?
Our research shows that Goalsetter is still in business. Established in 2015, Goalsetter is a private firm that provides goal-centric savings and gifting platforms for youngsters.
The platform offers features like automated deposits, parental-controlled debit cards, and financial knowledge quizzes to enhance financial literacy among children.
The company has engaged in multiple funding rounds, displaying incremental growth in valuation and funding. It is based in Brooklyn, NY, and has garnered substantial investment to help youth achieve their financial objectives through interactive solutions.
What Is the Net Worth Of Goalsetter?
According to our research, the net worth of Goalsetter is estimated to be $10 million. The valuation of Goalsetter was $5 million when it appeared on Shark Tank.
Also, read about other businesses that appeared on Season 10 of Shark Tank:
