Modak

Modak is a US-based consumer fintech platform for families that combines a kids' debit card with a parent-facing money-management app. The product centers on a Modak Visa debit card and deposit account issued by Legend Bank, N.A. (FDIC-insured), usable anywhere Visa is accepted, with tap-to-pay, online and in-store purchases, an instantly available virtual card, ATM withdrawals at operator-fee locations, and up to 2% cashback on eligible purchases. Parents assign chores with optional dollar rewards and set schedules (daily, weekly, biweekly, monthly or one-off); money is released to the child's account once the task is completed and approved. Automated allowances run on a chosen schedule and are funded from a parent balance that can auto-reload when it falls below a set minimum.

Additional features include saving goals with a stated boost of up to 4% annually, contributions to goals from parents and other family members via a shareable link or QR code, instant transfers funded from a parent balance or a debit/credit card, payment links that let anyone send money without a Modak account, and bill splitting. A gamified rewards layer awards in-app points (MBX) for meeting daily step goals and completing daily challenges, which convert into spendable money on the child's card. Co-parenting support lets additional parents, grandparents or other caregivers each hold their own account to add funds, set chores and follow activity. A subscription tier branded MoGold unlocks additional features and card designs, while a free plan is available with no monthly subscription required.

The company positions itself as a gamified fintech and learning ecosystem spanning teen cards, financial literacy and related services, aimed at helping kids and young adults build money skills regardless of background.

Founding story

Modak was founded in 2022 by Madhu Yalamarthi, who serves as cofounder and CEO. Before Modak he was a Vice President at GGV Capital, where he worked with Hans Tung on establishing the firm's presence in India and Latin America and participated in roughly $200M of investments across 14 companies, several of which became unicorns. He previously worked in strategy, operations and product development across India, Africa and the US, and holds an MBA and MS from Stanford University (top 10% of his MBA class) and, per an investor profile, a bachelor's degree from IIT.

Business model

Consumer (B2C) subscription-and-interchange fintech: Modak distributes a Visa debit card and deposit account through a partner bank (Legend Bank, N.A.) alongside a family money app, offering a free plan plus paid subscription tiers (MoGold) that unlock added features and card designs.

A free plan is offered with no monthly subscription required, and paid subscription plans (MoGold) unlock additional features and card designs; the card program also carries consumer-facing features such as cashback and a savings boost.

Traction

Cited usage and reception include 30,000-plus families served, a 4.8 average rating across 11,898 App Store and Google Play ratings, and a 4.4 Trustpilot rating from 1,169 reviews as of August 10, 2026. The company's careers site lists about 40 coworkers.

Latest developments

The company's site describes a free plan with no required monthly subscription, up to 2% cashback on eligible purchases, saving goals with up to a 4% annual boost, an MBX rewards program tied to daily step goals and challenges, co-parenting accounts, auto-reload, bill splitting and gift links, with ratings statistics stated as of August 10, 2026.