Goalsetter is a company from Brooklyn, NY, that thinks that kids get too much stuff and don't work toward longer term goals. Rather than giving children more "things", Goalsetter wants to help encourage children to set savings goals for life events that might actually matter to them.[1]

With Goalsetter, a parent would set up an account on the platform for their kid.[2] This account, while done through Goalsetter, is actually housed at a partner bank and the account is FDIC insured as a savings account. The idea is that children set specific goals that the money will be paid out for including music lessons, gym camps, and even college.

According to the entrepreneurs, a child with a savings account is up to six-times more likely to go to college than a child without. While shouting out "facts", they also claim that a child with a savings account is four times more likely to own stocks as young adults.

Mr. Wonderful, as he does, points out that this is going to lead to a lot of unhappy Christmas'.

Goalsetter makes money by charging a transaction fees "as little as $0.05 per transaction." Additionally, for every gift card that a relative or friend of the family purchases junior to put in their Goalsetter account, the company makes $1. Additionally (because it's apparently never too early to teach children about bank fees), the company also charges the parents a $1 a month fee. Lastly, Goalsetter will receive a 1% royalty from their partner bank on all assets under management.

Since Goalsetter began selling in January of that year, they have acquired $40,000 assets under management.[3] The cost to acquire every customer is approximately $10 peer customer.

In terms of fundraising, Goalsetter has raised $2,100,000 from investors.

Lori is the first one out with guest shark Jamie Siminoff quickly following because Goalsetter is "not his thing." Daymond also goes out because his own two-and-a-half year-old daughter won't hug anyone without an actual gift for her. Mark, likewise, is out.

Kevin does make an offer: $200,000 in exchange for 25% equity. But he also says that he's only making an offer because he believes in the mission and that the entrepreneur "doesn't know what she doesn't know."

Thee entrepreneur responds that Goalsetter was in two of the top Fintech accelerators and tries to counter Kevin with 8% equity instead. Mr. Wonderful says no, as he does again to the 9% equity offer.

In the end, the entrepreneur leaves the tank without a deal.

This deal aired on Episode 10.15.

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  1. This deal struck your Stats Shark as similar to other "Fintech" startups that have been on the tank, such as ChangeEd from Season Nine. Given that Mark invested in that, it's a bit surprising that he exited the deal without even making an offer.
  2. According to the entrepreneur, the account is actually in the parent's name, no doubt due to banking and privacy regulations surrounding children.
  3. In case you're not keeping track, $40,000 assets under management with a 1% royalty return from the partner bank results in a $400 payout. This is most likely yearly given the interest rates banks pay in general these days. IE. This is not a very lucrative scheme on the backend side and, thinks your Stats Shark the amount and rate of fees will undoubtedly have too increase to make this company viable.

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This page was last edited on 14 February 2020, at 12:07.