Parents can now help their children make smart financial decisions thanks to PennyOwl, a new family-oriented allowance app that provides a channel of fiscal education between parents and kids.

The launch of the app and its New York office came after the company’s $1.3 million seed round earlier this month.

PennyOwl offers a safe real-money environment, where children are urged to make smart financial decisions, at the same time giving parents control and visibility over their kids’ spending and saving activity.

To use the service, parents just have to download the app, set up an account for their child, set controls, and add a regular allowance amount.

“This app has been designed to positively impact the lives of families everywhere and I am hugely proud of what we continue to accomplish,” commented Seamus Matthews, CEO and founder of PennyOwl.

The new platform comes with a ‘request cash’ facility; an in-app daily newsfeed that delivers fun and informative content to improve financial education for both parents and children; and a wishlist feature allowing parents to share their children’s desired items to friends and extended family for special occasions.

PennyOwl restricts online spending to age-appropriate items within the app’s ‘walled garden’ store of toys, crafts, board games, and books. It also offers trusted product reviews through its partnership with Common Sense, a library of independent age-based and education ratings and reviews for thousands of movies, apps, games, books, music, and television shows.

Available for download from Google Play and iTunes App Store, PennyOwl is now free to users within the US and will extend internationally in the coming months.