Jassby Inc., a mobile payment system designed for kids and teens, has launched its free mobile app, and has raised capital for future growth in a funding round led by Blumberg Capital, Correlation VC, and Moneta VC, according to a press release.

The mobile platform, now available at the Apple App Store, allows parents to manage their kids' money without the need for cash, credit or debit cards, or checks.

Parents can digitally give money to their kids for any reason — as a weekly allowance, or birthday gift, or for completing chores and tasks, getting good grades, excelling in sports and more.

Kids can shop stores through the app from stores, with parents retaining control over the online stores their kids buy from.

Jassby, which complies with the Children's Online Privacy Protection Act, protects users' identity and personal information via biometric authentication, two-step verification and encryption technology, the release said.