A new neobank aimed at children and teens has launched in the United Arab Emirates with the goal of teaching financial literacy from an early age.
Edfundo was founded by Simon Wing and Andrew Toward
The Edfundo app allows parents to top up their child’s card, set spending rules, see what their child spends and where and instantly block or unblock cards at any time.
Parents are also able to make automatic allowance payments and transfer money in real-time.
The app was created by teachers and offers a kid-friendly spending solution and budgeting tools to encourage financial literacy.
Edfundo says it is on a mission to help 8 to 18-year-olds become financially literate and learn how to manage their finances early in their development.
Based in Dubai, the start-up was founded by Simon Wing (CEO) and Andrew Toward (COO).
Wing says: “It’s time to close the gap in financial literacy education for our children.”
The wealthtech adds it will be working with schools to offer workshops, resources and educational content to help raise the profile and improve the quality of teaching around financial literacy.
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