FamilyMint collects interest as it sprouts in Ann Arbor

FamilyMint is gathering followers, customers and traction as the little start-up that saves is beginning to significantly grow in Ann Arbor's Tech Brewery.

The 2-year-old firm has developed a web tool that allows parents to teach their kids the lessons of saving and managing a bank account with the grownups actually holding the money and acting as the bank. The firm offers both web and mobile app options.

"Our user numbers have steadily grown," says Bob Masterson, co-founder of FamilyMint. "Our revenues are starting to pick up but we're still in start-up mode." He and his co-founder are full-time and have hired two part-timers. They expect to hire one or two full-time employees later this year.

Making that growth possible is early adoption of FamilyMint's software by local credit unions. The company has half a dozen credit unions using its product and plans to bring another five online this summer. FamilyMint will also be bringing a local bank and some financial planners onboard, but credit unions look to be its most promising customer base.

"We'd like to see our strategy with credit unions take off," Masterson says. "We're expecting the number of credit unions to take off in January when they're looking at their budgets for 2012."

Source: Bob Masterson, co-founder of FamilyMint
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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