The financial education industry is exploding with the proliferation of digital tools for students, but a new financial education tool is getting a lot of attention — and scrutiny — from those in the industry who say it may not be a good idea.
The company is called Aarp Financial Education and it has raised $2.2 million from several sources, including a big-name investor.
Aarp says its software is designed to provide a simple way for people to start and finish financial education and will be available to banks and other institutions as early as next month.
The technology is based on the Aarp Learning Suite, which is the company’s online version of a traditional textbook, said Scott Smith, Aarp’s CEO.
But the company has also partnered with Stanford University and MIT Media Lab, and a number of other institutions.
Smith declined to name those institutions.
Smith said Aarp will launch the AARP Learning Suite in 2018.
The company has already launched its software in some banks, and it plans to roll out Aarp to other financial institutions as soon as 2018, Smith said.
AARP Education is based in Boston, Massachusetts.
The new technology is a tool that can help students learn basic financial concepts, such as how to manage their credit, and also provides a quick way to get started.
It’s designed to be easy to use, Smith told Reuters in a phone interview.
Students can use the AARP Financial Education app on their smartphone or computer.
The app uses a proprietary algorithm to learn and teach the concepts in a way that’s easy to understand and easy to remember.
Aarp’s technology will also be integrated into other banking apps, Smith added.
The app is free for users of Apple and Android phones, but users can buy the Aarps Education Bundle, which includes a desktop and laptop computer, an iPad or an iPhone, the company said.
It will cost $19.99 a year for the bundle.
The Aarp Education Bundle also includes access to Aarp, a mobile banking app that helps students learn financial concepts and tools.
It also includes the Aarthp Financial Education mobile banking product.
The startup has not yet said how many students are using the app.
Aarp also has raised a round of funding from a few other big investors, including UBS and Morgan Stanley.
Smith and other Aarp employees have already been using the software in several banking apps for students.
The apps let students use financial tools for a variety of purposes, such a credit score check, to learn how to save for a mortgage or to make a payment on their student loans, Smith and others said.