About 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.

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.

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.

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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.

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Modak blocks unsafe spending categories, offers real-time transaction tracking and monitoring, and allows instant card lock/unlock. Data is encrypted and secured with biometrics. Modak complies with CFPB regulations to ensure high security and privacy standards. Moreover, your checking accounts and debit cards are issued by Lewis & Clark Bank, Member FDIC.

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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.

1. Log in to the Modak app using your credentials.
2. Tap on the Banking section from the home screen.
3. Look for and tap the “Request” button.
4. Choose who you want to request from — either your parent or someone else.
5. Enter the amount you want to request.
6. Tap “Create Payment Link.”
7. Once the link is created, you can:
   
   1. Tap “Copy” to share it through any messaging app
   2. Or tap “Share” to send it directly
      
      
8. Want to use a QR code instead? Tap “Your QR” to show your personal payment QR.
   
   1. You can let them scan it or save it to send later.

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• Parent app 
  • Sign in to your Modak account using your login credentials.
  • Click on your kid’s profile and select the card icon.
  • Select either your virtual or physical card
    
    
• Kids app 
  • Sign in using your login credentials.
  • Click on the “cards” section in the bottom middle (Card Icon) 
  • Select either your virtual or physical card

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