Going to college isn’t cheap, especially if you have to live away from home. According to PriceSwitcher.ie, it now costs on average €16,179 a year. And when it comes to buying a first home? For most young people, that feels almost impossible. Parents step in to help where they can, but with living costs shooting up and still rising, becoming an adult has never been so expensive.
That’s why planning early and learning to budget matters more than ever. Pocket money and presents have moved on a lot from the days of coins in a piggy bank or a book token in a birthday card. Today’s kids are used to digital wallets and tap-to-pay apps, but when it comes to giving a gift that actually grows in value, the options are still surprisingly limited.
It was this gap that inspired Cork entrepreneur Niall Dennehy, from Ballydesmond, to create NestiFi, an AI-powered app designed to help families save and invest together for a child’s future. Launched earlier this year, it allows parents, grandparents, godparents, relatives and friends to pool contributions into one simple digital “nest egg.”
“NestiFi rethinks saving and investing through the lens of family and collaboration,” Dennehy explains. “We want to give families simple tools to save for education, send meaningful gifts, or even introduce kids to financial literacy in a fun way and from the start.”
Here’s how it works: one adult downloads the free app, sets up an account for the child, and gets a personalised link to share with anyone who wants to contribute. Gifts for birthdays, Christmas, Communion or Confirmation can then be added and invested. Some parents may decide to invest the children’s allowance into the account so it builds up over time, helping with future costs like college.
The money is invested in low-cost bundles of shares, known as index funds, which historically return around 7% annually that’s approximately the same as the long-term average of the S&P 500, an index tracking 500 of the biggest companies in the U.S. stock market. NestiFi doesn’t hold the customers’ money itself. Instead, it connects with trusted intermediaries such as brokers, credit unions and other regulated providers.
But NestiFi is more than just a savings tool. The app includes an AI adviser called Sebastian, who offers personalised guidance, and children can unlock rewards by completing fun, interactive lessons about money. If they spend a few hours learning on the app, for example, they might earn a voucher for Disney+. This beats them spending hours mindlessly scrolling and will increase their financial literacy.
Dennehy has spent the past decade building technology focused on trust and transparency. What struck him, he says, is that most financial apps are built for individuals, not groups. Families still don’t have modern ways to build wealth together. His goal with NestiFi is to move beyond old fashioned savings accounts and combine traditional investing, digital money and financial education, all in one family-friendly place.
While developed in Ireland, NestiFi’s first big target is the United States, where an estimated $84 trillion will pass from one generation to the next in the coming decades. Europe, including Ireland, is expected to follow. Families are the obvious audience, but the company also sees potential in working with credit unions, financial advisers and fintechs. So far it has raised around €250,000 and is seeking €1.5 million in seed funding.
“The total market is enormous,” says Dennehy. “Yes, there’s competition, but this side of the market is underserved. We think our ease of use and focus on families really sets us apart.”
Building a financial technology platform for families does come with challenges, particularly around regulations. “The biggest challenge has been navigating regulatory complexity while still moving fast,” he admits. “We’re touching custody, digital assets and AI, and compliance really matters, especially when children are involved. It’s about innovating responsibly without getting tangled in red tape.”
He also believes Ireland could do more to support young companies and start ups. Paperwork for grants is often heavy, he says, and decisions can take too long. What he would like to see is a founder-led innovation hub with quick access to funding, technical expertise and international support. Grants, he argues, should be fuel for building, testing and scaling , not lifelines bogged down in red tape.
For Dennehy, the mission is simple, to give families a smarter way to save and invest in their children’s futures, whether that means college, first cars or simply learning how money works. “We want to make investing together feel as natural as setting up a family WhatsApp group,” he says with a smile.
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