What is changing at Osper?
Osper has been acquired... by an Osper Dad 😊
We are excited about sharing this news. This will give us an opportunity to continue to grow and improve Osper and for more children and parents. In fact, the new owner has already made an investment to start to grow out the Osper Team!
We will be releasing a full statement about the sale very soon. In the meantime, we want to explain what this means for our customers right now.
To give Osper a fresh start for its new owners, we are putting Osper through an Administration and preparing for a CVA. The target completion date for this process is March 2019.
During this process, nothing will change about how Osper works:
- The money on your Osper Cards will continue to be held safely (including the savings wallets and parent wallet)
- Your children will receive money, allowances, gifts and can spend money as usual
- Your subscriptions service will continue to work as normal
- You and your children will be able to use the app and speak to our support team as needed
Rest assured that the money on your Osper cards and parent and saving wallets continue to be safe. Your money is held in a segregated and safeguarded account with our Issuing Bank, IDT Financial Services Limited. IDT Financial Services Limited is a licensed and regulated credit institution based in Gibraltar.
Importantly, your cards will also continue to function. You will be able to contact our Customer Service team as usual so please get in touch if you have any questions.
What is happening to how Osper works whilst you are in administration?
The first and most important fact: our service will continue to work normally for children and parents. All money will remain with our Issuing Bank in a safeguarded account (so it is not a part of Osper’s money).
We are in the process of making the following changes to our subscriptions:
New customers: we will extend the free trial for all new customers joining so that they don’t start paying the monthly £2.50 subscription fee until Osper is out of administration. We will do this by extending our free trial to 60 days. This is already live.
Existing customers: we will contact you shortly to start migrating all our existing customers that are currently on annual price plans to monthly price plans. So for example, for all parents paying £30 a year, we will move them to £2.50 a month. This will create the flexibility for customers to pay on a monthly basis going forward. We are currently working to get this change live as quickly as possible.
What does this mean for Osper after the process?
This is a positive step for Osper! We will invest in building more features to teach children around the country vital money lessons early in life in a fun and empowering way.
The couple acquiring Osper use the product as a family and have lots of exciting ideas for the business going forward. The business is in very capable hands and Alick Varma (our CEO) will be staying on with Osper.
If you have any questions, feel free to email either Alick (email@example.com) or contact our Administrator Nimish Patel (Re10 Restructuring and Advisory Limited, 58 Hugh Street, London, SW1 4ER, 020 7355 6161)