Yes! You can set a challenge for one student in the same way you would do it for all students.
When setting up a challenge you'll be asked to select the students involved. Instead of selecting a whole class, click the arrow next to the class name to expand it and show individual students. Select the student you want and continue with the set up process.
Students need to be covered by a subscription place to participate in a challenge. If you'd like to try out this feature, get in touch.
Tip: Setting an individual student challenge is a good way to improve fluency and mental math skills. Select specific skills for your student to practice.