The Edfundo Visa prepaid card is now live and applied by UAE-based early adopters. According to Simon Wing, the Emirates-based co-founder and CEO of the world’s first family financial education and money management application is developed by teachers with education at the core.
Wing stated that the app’s live transactions are being completed following a successful beta launch with the app’s Wait List community continuing to be onboarded over the next few weeks ahead of an awaiting complete launch in the market.
According to Wing, the first child recently made a live purchase during his summer vacation successfully commemorating more than 18- months’ work with partners like Visa and Nymcard leading the approach.
Future of banking to youngsters
Wing said that banking as-a-service (BaaS) provider NymCard was an evident choice for the first management app as it is the only Mena-based BaaS enabler with a strategic partnership with Visa’s Fintech Enablement Programme.
By integrating the first money management app with Nymcard’s nCore platform the app is leading the future of banking to youngsters in the UAE, and across the Mena region, Wing stated.
Omar Onsi, founder, and CEO of NymCard pointed to Edfundo as a sterling instance of a fintech start-up positioned to deliver tangible financial capability and education to families.
Wing further added that the team is incredibly pleased to perceive Edfundo in action as the first money management app to offer financial EdTech to the region’s youth using NymCard’s modern BaaS platform.
Edfundo commenced opening accounts
Wing affirmed that app has commenced opening accounts for Wait List applicants and issuing Visa prepaid cards for youngsters to use at any of Visa’s 100 million-plus merchant locations globally or online.
Andrew Toward, Edfundo’s co-founder and COO fortified new parents to swiftly join the Wait List. Toward stated that UAE-based parents are currently proficient to provide their children with access to personal finance enabling them to learn, earn, save, and spend from an early age. This is an exciting time, and Edfundo welcomes parents to join them through their website at Edfundo.com.
Toward and Wing are teachers-turned-entrepreneurs with a commitment to financial education and raising expectations from financial ignorance to financial learning.
Edtech and fintech
The first money management app was built to be positioned at the intersection of edtech and fintech since the company consider it is critical that children and adolescents experience money management experiential and discover through execution, Toward stated.
Alex McCrea, Visa’s Vice President, Head of Strategic Partnerships and Ventures for Central Europe, Middle East, and Africa said that the team is excited to support the first management app’s mission to offer payment solutions and financial education to the region’s youth. McCrea further stated that the team views this as critical across Mena where a cashless society is becoming the norm expeditiously.
McCrea added as youth becomes more responsible for their transactions and commence to enter the workforce it is vital that they are equipped with the knowledge and tools they need to make perfect financial decisions. He further added that they are thrilled that Edfundo is live and are proud to be a part of the app’s story, from card issuance to aiding the Edfundo for Schools initiative.
Edfundo for Schools, the first management app’s bespoke education programme, has already been circulated to numerous schools in Dubai with more activities with Visa set to roll out in schools during the next academic year.
Edfundo is the world’s first family-focussed Financial Intelligence Hub, comprising a Learning Lab and Smart Money Management App designed by teachers. It is built for children and teens to support a brand-new era of financial literacy, digital inclusion, and mental wellbeing. The Edfundo Learning Lab, the smart money app, and the correlated pre-paid debit card are designed to help ensure youngsters are informed participants in the journey towards a reliable, cashless society.
The Edfundo Lab and App is curated around the principle of ‘doing is learning’ which has rigorous parental controls, designed to be highly interactive and fun, with rich and engaging educational content where users can acquire virtuous economic conducts from earning to planning to spending and to saving. DIFC-licensed Edfundo has also designed an Edfundo for Schools initiative to support educators as they integrate real-time learning into economic education.