Testing of the app will take place over the upcoming month with input from a handful of the 1000-wait list user-base who subscribed for the product online.
UAE-based children’s financial literacy app, Edfundo, has successfully raised $400,000 and is looking to raise USD 1.6 million in seed investment to expand its team and fortify its growth locally and in markets across the MENA region. This latest investment follows the conclusion of its initial friends and family funding round that was 12.5 per cent over-subscribed.
Set on a mission to educate children and parents on the importance of smart money management, the teacher-curated app has attracted strategic investment from the region’s education community. Founded by CEO Simon Wing and COO Andrew Toward, Edfundo equips children with the tools necessary to manage their finances and access the digital economy.
“We have to reverse the mistakes of the past and ensure that our youth are able to manage their finances from an early age and in a fashion aligned to the cashless, digital economy era. It is now ever more important with teenagers of 15 and above throughout the UAE now able, under the new juvenile part-time employment law, to take on paid work with the written consent of their guardians” commented Wing on the startup’s vision.
The app is fully managed by parents, providing them with flexible, integrated controls such as spending limits, automatic allowance payments and real-time money transfer. The tool will not only give parents control and transparency but also equips children with financial intelligence and budgeting tools.
Testing of the app will take place over the upcoming month with input from a handful of the 1000-wait list user-base who subscribed for the product online. The wait list is expected to swell up following the firm go-to-market testing user-base.