Edfundo, a youth-focused neobank, will be launching in the UAE early next year, according to a statement from the company.
Edfundo is a tween and teen-focused smart money management app built by UAE-based teachers and co-founder CEO Simon Wing and COO Andrew Toward.
The app comes with a prepaid debit card, and is fully controlled by parents. Young users can save based on goals, or earn ‘pocket money’ payments by completing chores through what the company said are built-in flexible controls. Meanwhile parental controls include spending limits, real time spending notifications, and the ability to block or unblock cards, along with fund transfers and top ups.
The app also comes with a dashboard to track spending and saving.
On the security front, the app comes with biometric log-in and multi-factor authentication, along with parental controls.
Edfundo has plans to launch elsewhere in the Middle Eas
“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,”
The company is planning a Q1 2022 launch, and also has plans to go live in other parts of the Middle East during the year, including Saudi Arabia. The app is currently at waitlist stage, and founders are in advanced talks with investors for funding opportunities, the statement said.
Other youth banking initiatives in the UAE include Abu Dhabi Islamic Bank’s recently launched Islamic digital youth bank Amwali, Ajman Bank’s Shariah-compliant #Young savings accounts, and the Leap card and app for parent-affiliated youth accounts.
Featured image: L-R Co-founders Andrew Toward and Simon Wing