Citi's (NYSE: C) launch of a new test Web site designed for the offspring of wealthy clients is a testament to the entrepreneurial skills of Amy Butte, former CFO of the NYSE. She started a firm called Tile in 2008 with funding from friends and family. The idea was to start a site to teach children about financial matters in part by managing their allowances, which can be hefty in some families.

The site allows kids to log in to accounts that were funded by their parents to manage, spend, give to charities and presumably analyze their holdings.

According to Bloomberg, she was able to wrangle a meeting last year with Citi's chief of private banking Jane Fraser. Butte later met with executives in the Growth Ventures unit, which develops consumer banking technologies. The bank recently made a minority equity investment in Tile.

The site, called Spend Grow Give, is now available to clients of Citigroup's private bank, which caters to super wealthy people. It's unclear to me exactly how it will be monetized, as fee and other revenue items have not been fully aired. Tile typically charges website members an annual $150 subscription fee, Bloomberg notes. That likely will be split with the partner financial institutions. It doesn't look like it wants to custody any assets.

For more:
- here's the article
- here's the company's Web site

Related Articles:
Barclays launches online game aimed at teenagers
Fannie Mae launches new Web site
Offspring of Wall Street titans seek entertainment glory