Camden National Bank introduced Family Wallet, a free youth banking solution that lets parents issue a debit card and manage spending through a mobile app. The platform is built on Rego Payment Architectures’ Mazoola technology, which delivers COPPA‑compliant child‑payment processing and a hierarchy of parental controls that allow parents to set limits, approve transactions, and monitor activity in real time.
The launch coincides with Camden National Bank’s 150th anniversary and its $7.0 billion in assets, underscoring the bank’s long‑standing commitment to financial education. By leveraging Rego’s patented compliance framework, the bank can offer a regulated, white‑label solution without building its own infrastructure, accelerating time to market and reducing capital outlay.
Industry analysts note that the youth banking market is projected to grow to $360 billion in spending power by 2033, driven by increasing digital engagement among children and teens. The partnership positions Camden National Bank to capture a share of this expanding segment, while Rego expands its footprint beyond its existing senior‑financial‑management product and vendor‑integration program.
Simon Griffiths, President and CEO of Camden National Bank, said the launch “empowers families to introduce healthy financial habits early in life, while giving parents confidence that their children are learning and transacting in a safe, controlled environment.” Peter S. Pelullo, CEO of Rego, added that the collaboration “provides a digital‑first youth banking experience that is both compliant and user‑friendly, meeting the growing demand for financial literacy tools among parents and children.”
The move also aligns with Camden National Bank’s broader strategy to deepen relationships with Millennial parents, who are increasingly looking for banks that can serve the entire family lifecycle. By offering a youth product, the bank can cross‑sell savings, checking, and credit products to parents as their children mature, potentially increasing long‑term customer lifetime value.
Rego’s Mazoola platform has already been adopted by several community banks and fintechs, and its focus on COPPA and GDPR compliance gives it a competitive edge over rivals such as Greenlight. The partnership demonstrates how banks can quickly enter the youth market by integrating a proven, compliant technology stack rather than developing a solution from scratch.
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