Spendsafe is building a financial education platform for youth.
The Toronto-born fintech startup launched its platform in August following capital support from Malar Group.
Spendsafe is Canada’s first Mastercard-backed financial literacy platform built specifically for youth, combining a reloadable card, AI-powered coaching, and parent-child tools.
“At Malar Group, we believe financial literacy is one of the most important skills a child can learn,” remarked CEO Sayan Navaratnam in November. “Spendsafe is solving a generational challenge: bridging the gap between digital finance and real-world learning in a way that’s engaging, responsible, and scalable.”
This week, Spendsafe unveiled a partnership with Dr. Juaquin “Waka Flocka Flame” Malphurs in which the celebrity is investing in the firm and acting as an ambassador for the brand.
“Waka’s influence is undeniable,” says Spendsafe founder Vasanth Ratna.
But, the entrepreneur adds, “what matters most to us is alignment.”
Recording artist Waka Flocka Flame brings “lived proximity to how money, opportunity, and pressure collide early.” Through the partnership, he will aim to amplify Spendsafe’s mission across North America.
“He understands culture, community, and the reality that financial confidence starts earlier than most institutions acknowledge,” says Ratna. “This partnership helps us meet families where they are, with a product built to be safe by design and engineered for long-term trust as we scale.”
Spendsafe “isn’t about telling kids ‘don’t spend,’” posits Flame. “It’s about giving families a real system to learn together while life is happening.”
The platform pairs supervised spending tools for kids and teens with real-time insights and an education layer designed to turn everyday transactions into habit-building learning moments.
“I’ve seen how fast money can come and go when you don’t have the right habits,” Flame said. “I’m investing because this is the kind of tool that can change outcomes, especially for youth who don’t grow up with financial playbooks.”
The next phase for Spendsafe includes continued product development, expansion of distribution partnerships, and pursuit of a public listing in Canada, according to a statement from the upstart.
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