Breaking News: Edfundo: Home-grown Neobank For Kids & Teens Poised For UAE Launch

 

 

  • Edfundo App & Pre-Paid Card Helps Parents Boost Youth Financial Literacy & Raise Money-Smart Children
  • Smart Money Management App Designed by Teachers & Parents
  • Edfundo to Help Plug Financial Education Gap Among UAE’s Expanding Youth Population

 

Dubai UAE, November 1, 2021: A transformative neobank application for children and youth will soon be launched in the UAE enabling parents to securely control their youngsters’ spending habits and boost their money management and saving abilities.

According to the founders of the digital age solution known as Edfundo it is the world’s first smart money management app designed by teachers for use by tweens and teens.

The app and the associated pre-paid debit card are the creations of UAE-based Simon Wing and Andrew Toward who both hail from the education sector and are each parent of two.

Formerly teachers at the Rashid School for Boys in Dubai, the British partners have used their combined education experience of almost 25 years to address a pressing need for financial literacy primarily among the 8-18 age range.

“Having worked in schools in the UK and the UAE we know that financial literacy is not taught well and often isn’t taught at all,” said co-founder Wing, who is also Edfundo’s CEO.

“Indeed, even Andrew and I didn’t leave school with a good enough understanding of how best to manage our own money, and there is much to suggest a large majority of adults do not have the basic financial skills to make sound decisions with money.

“It’s time to right this vital educational oversight and not repeat past mistakes.”

Wing explains that Edfundo encourages kids and teens to make choices about money.

“Once a member of the ‘Edfundo Squad’, youngsters can spend, save for a specific goal, as well as learn the power of saving for their future.”

He confirmed that the app is fully controlled by parents, and they can help motivate their children to save by adding chores for nominal ‘pocket money’ payment using Edfundo’s built-in flexible controls.

“Simple but powerful dashboards track the youngster’s spending and saving, and they can use Edfundo to pay in-store or online with their pre-paid card, phone and watch using Apple Pay TM or Google Pay TM,” Wing shared.

He confirmed the Edfundo pre-paid debit card can be used in all stores around the world and online where the Visa sign is displayed.

According to co-founder and COO, Andrew Toward, this is not first-to-market, but it is a first from those who know what makes kids tick.

“We are not the first to create a product like this and we certainly won’t be the last. But what differentiates us from the rest is education.

“As educators we understand how children learn best and our company vision is driven by lifelong learning. The result is a super secure, clean, engaging app design which makes learning about money simple, practical, safe, and rewarding.

“This is smart money management in action for a smarter generation,” Toward stressed.

The Edfundo app is quick and simple and features biometric log-in and multi-factor authentication for security as well as unique parental controls. Parents can upload funds and transfer allowances in an instant, top up their child’s card in a single click, set spending rules, set tasks or chores for their offspring to boost their earnings, decide where their youngsters can spend their money, get real time notification of their spending, and instantly block or unblock cards at any time.

“Young people learn by doing. Edfundo speaks to this and will help them to become money smart from an early age,” explained Toward.

“Contrary to what many young children believe, money is not infinite and no, it does not grow on trees! With Edfundo’s tasks and chores feature, youngsters can develop an early understanding that work and money are connected.

“Being able to differentiate between ‘needs and wants’ helps children to become smarter with money and they can use the Edfundo saving goals feature to help decide whether to spend now or save for later.”

Wing and Toward contend Edfundo is a timely initiative with the UAE population now comprising 1.4 million youngsters under the age of 14 who represent its fastest emerging segment.

Wing shared that recent research carried out by Edfundo saw that many teens in the UAE spend over $100 a month, with some spending more than double that.

“Teens are a significant group with a passion for digital innovation. Overall, they are comfortable with modern technology tools, and this can be leveraged to improve their understanding of money management standing them in good stead for the future,” explained Wing.

“However, indications are that Millennials and older Gen Zs in the UAE are struggling to manage their own personal finances, lack financial education and tend to be higher spenders – up to three times more than their western peers – particularly in high-value segments.

“The need for financial education among the UAE’s youth is even more pressing given that older teenagers can now take up paid, part time work with the recent initiative to offer work permits for young residents, from the age of 15.

“The lack of financial wisdom among our youth is an oversight which needs to be quickly addressed and Edfundo is a tool to plug this vital education gap,” he stressed.

Wait List Live, at www.edfundo.com

Edfundo is due to go live in the UAE very early next year, and later throughout the Middle East with the two founders in advanced talks with funding investors.

The app will be available for download from the App Store and Google Play Store and an app & card waiting list for those wishing to join Edfundo’s community is available for registration on www.edfundo.com.

Edfundo’s founders UAE-based Simon Wing and Andrew Toward get set to springboard the nation’s unbanked youth into a positive, life-long relationship with money by giving parents the reins on spending, and youngsters the financial literacy missing in schools.

About Us

Edfundo is the world’s first money management app for kids and teens built by teachers and designed to champion a new era of financial literacy, digital inclusion, and mental wellbeing among the 8-18 age group. The smart money app, and its associated pre-paid debit card help ensure youth are stakeholders in the journey towards a responsible, cashless society.

Curated around the principle of ‘doing is learning’ the Edfundo app, which has rigorous parental controls, is highly interactive and fun, with gamification elements and rich and engaging educational content where users can learn good financial habits from budgeting to earning to saving.

In readiness for launch in the UAE in early Q1 2022, the Edfundo wait list is now open to youngsters and parents on www.edfundo.com. The co-founders are also planning further roll outs in 2022, including the Kingdom of Saudi Arabia.

 

For Media Information:

Veronique Gregorec

veronique@edfundo.com

For Investor Information:

Susan Furness

susan@edfundo.com