About Modak

What is Modak?

Modak is a US-based platform leveraging the power of fintech, gamification, and community to empower kids to reach their full potential. We are founded with an audacious vision to enable kids and young adults to reach their full potential, regardless of their background. We pursue this mission by offering a gamified fintech and learning ecosystem - with teen cards, financial literacy, and other services. We build for scale and security using the best technologies and enrich the user experience with a thriving community that supports each other. Modak is trusted by over 30,000 families and growing by the day. We are one of the most well-funded early-stage startups, and we are grateful for the 5+ years of runway we have even in this market. Our investors include GGV Capital ($9.2Billion VC firm), Monashees, Maya Capital, Nazca VC, One VC, and 30+ leading angel investors and entrepreneurs across Silicon Valley and Latin America.

Are there any fees?

There are no hidden fees associated with Modak. We don't charge for opening a card and most of our services. However, if you need expedited or premium services, our app will show you and ask for your permission before charging the fees. For example, we charge $0.50 for debit cards (and 3% extra for credit cards and Apple/Google Pay) when you load your kid’s modak card with your debit or credit cards. Do note that our normal ACH - funding via your other bank accounts - is free.

How does Modak keep sensitive personal info safe and secure?

We have implemented several ways to protect your personal information:

  • Encryption: All sensitive information is encrypted in transit standard protocols. 
  • Access controls: Access to sensitive information is restricted to a limited number of authorized personnel, who are subject to background checks and ongoing security monitoring.
  • Data protection policies: Modak has established strict data protection policies, including data retention and deletion policies, to ensure that sensitive information is not retained for longer than necessary.
  • Compliance: Modak adheres to relevant security and privacy regulations, including those imposed by the Consumer Financial Protection Bureau (CFPB), to ensure that sensitive information is handled in a manner that meets the highest standards of security and privacy.

What is the MoCard account for?

A MoCard is a card through which you can spend your money, and earn/spend rewards points (Mobucks) for healthy behaviors. Parents can fund the MoCard account, and these funds can be used to set limits on the spendings. This means parents have the ability to guide and monitor their teen's spending while teaching them financial responsibility.

How do I know Modak is safe?

Modak's card is supported by renowned partners in the financial industry. By partnering with these established institutions, Modak is committed to adhering to all state and federal finance and banking regulations. Refer to “How does Modak keep sensitive personal info safe and secure?” for specific details.

How can I delete the Modak account?

  • Open the Modak app on your device.
  • ​​On the top left corner of the screen, you will find a person icon button representing your profile. Tap on that button.
  • The next screen will display your profile information. Look for a (?) button located next to your full name on the right side. Tap on that button.
  • A new screen will appear, presenting you with two options. Choose the option that says "Delete my account" and tap on it.
  • A confirmation screen will be displayed, ensuring that you want to proceed with deleting your account. Look for the red button labeled "Delete account forever" and tap on it.
  • Your account will now be permanently deleted from the Modak app's system.
  • It's important to remember that deleting your account is an irreversible action, meaning that it cannot be undone.

By following these revised steps, you'll have a clearer and more concise process for deleting your account on the Modak app.

Disclaimer: We will securely delete or render irretrievable all your information and card data that is no longer necessary for the purposes for which it was collected. All backup data will be subject to the same retention and deletion policies as outlined in our T&C.

How does Modak make money?

Modak makes revenues from the interchange fees that Visa charges merchants for processing the transaction. Modak uses that revenue to offer MoCard and other services to our customers. Moreover, Modak generate revenue from our partnerships with brands on merchant offers.