The Bobber Interactive team in Seattle

Bobber Interactive, a Seattle startup that uses motivational psychology and game-based mechanics to help young adults manage their money, has raised $1.4 million from PEAK 6 Investments and Dove Capital Partners.

A filing with the SEC earlier this year indicated that the company had raised $1.1 million of a $2 million round, and we’re following up with the company to see if this is new cash. (UPDATE: Bobber’s Scott Dodson tells GeekWire that the funding is an extension of what was previously reported, with another $325,000 coming in from existing and new investors to close out the round at $1.4 million).

In a press release, the company said that the money will be used to market the company’s first product, a Facebook app tied to a payment card called “Goal Card.”

Here’s how that offering works:

With GoalCard, users can set short and medium-term savings goals – saving for an iPad, a pair of designer boots, or a new TV, for example – and manage their day-to-day spending in order to reach them. FDIC-insured through Bobber’s partner financial institution, users can connect multiple income sources to their Bobber account and manage balances and transactions through Facebook. Through their activity in the app, users earn up to 5% cash back when they reach their goal.

Bobber Interactive is led by Eric Eastman, a former executive at Levi Strauss and Mercer Management Consulting, and Scott Dodson, who previously led Tenacious Games. It employs five people.

Hat tip to Tricia Duryee at All Things D, who notes that Bobber Interactive makes money through referrals to e-commerce sites.

Previously on GeekWire: Bobber Interactive brings gamification to personal finance for the Facebook set

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  • Daniel Gallagher

    They’re a big hit, and appropriately so, at #finovate in NYC this week.

  • Forrest Corbett

    I’m really excited for this team and for what they’re creating.

  • Robert Melick

    This a great situation.  The young spenders or youth of today will soon be making large financial decisions and the earlier they can develop skills and budget savvy tendencies around spending, the better.

    I think it will be great to watch this company grow and continue to utilize Fbook and social media.  Young people are often very uneducated and even misinformed about how key a financial understanding in life is and how the money choices they make can weigh heavily on their future opportunities.  There simply isn’t a standard set of “life skills” that a student must have when graduating from highschool or college and this leads to some poor financial choices as a young adult.

    Taking advantage of the insane amount of time that young people spend on Fbook and like sites and using that to provide a simple, fun, and educational opportunity is genius.  The bleak financial world for today’s young people just got a little brighter.

    They say that truly great startups should solve a serious problem, or change the world.  These guys are on track to do both.

  • Todd Hooper

    Eric and Scott have a great team with a killer idea in a hot market. Go Bobber!

  • Tim

    Met these guys when I worked down the hall from them in their current offices, really nice and friendly.  One night I walked in on them while they were hosting a late night Magic the Gathering party, can’t complain about that.  Really cool product.

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