Bobber Interactive has secured $1.1 million in an effort to gamify the financial lives of American youth, according to an SEC filing.

GeekWire reported that the Seattle startup raised the money as part of a $2 million first round of funding (known investors are Peak6 Investments and Dove Capital) and plans to integrate soon with Facebook.

The company has created a financial management product for youth that is "grounded in motivational psychology and proven game-based mechanics, and multiplied by the power of community, friends and family."

The concept is still in beta, but here's how it works:

Savers open a Bobber account (FDIC-insured) and choose a goal - say, to buy an iPad - then create a savings plan. Players can then plug in their income sources, track purchases (the company is testing a pre-paid card through Plastyc) and manage their money through Facebook.

The product is social in nature - players have the option to share their goals and progress with others through Facebook or email. Once players hit their goal, they can transfer some or all of their money to an existing bank account, or access Bobber's online mall to purchase items at a discount. The company also offers cash rewards for meeting financial goals.

Bobber has emphasized that all financial data will be secure within its system and says it won't be using Facebook Connect.

The company - led by Eric Eastman, John Bito and Scott Dodson - described its vision as follows:

Today’s youth represent $200 billion in discretionary income each year in the U.S. alone. More than ever before, they seek hands-on involvement in their financial lives and see it as a path to future success. Bobber provides innovative tools that enable the next generation to responsibly and securely manage their money to achieve their goals, and does it in the language they speak. Grounded in motivational psychology and proven game-based mechanics, and multiplied by the power of community, friends and family, Bobber represents a profound shift in the way people relate to and feel empowered around money.