Shaype (formerly Hay as a Service) has announced it is working with the Commonwealth Bank’s venture-scaler, x15ventures, to deliver Kit, a kid’s money app which includes a virtual account and VISA prepaid card.

Shaype’s powerful and flexible embedded financial services platform is a third-party technology provider to x15ventures and is the issuer of the virtual account and prepaid card.

This has been made possible by the AFSL held by Hay Limited, Shaype’s parent entity, and Shaype’s full suite of pure microservices that enable new financial products and experiences to be delivered quickly and confidently.

Requiring a high degree of product flexibility – and increased speed-to- market – Kit leverages the Shaype platform, helping it to innovate fast and develop new features at the pace of a startup.

A supplier selection process began in July 2021, with Shaype being selected to provide the underlying financial product.

Shaype’s Founder & CEO Andrew Laycock said: “We’re so excited to help bring this innovative new product to market. The x15ventures team are incredible to work with and we’re all really proud of the end result – it’s a great product.”