Arab News, Saturday, Dec 04, 2021 | Rabi Al-Aakhir 29, 1443
UAE financial literacy app raises $400,000 in pre-seed, prepares for $1.5m seed round
Emirates:
UAE-based Edfundo, a children’s financial literacy app, looks to raise $1.5
million in seed funding to grow its team, bolster its growth in its home market,
and expand across the MENA region.
This follows the closing of the initial friends
and family funding round that was 12.5 percent over-subscribed and raised
$400,000, Edfundo said on its website.
The co-founders of Edfundo, the world’s first
teacher-curated smart money management app for tweens and teens, which is due
for launch in the UAE in 2022, have opened the next $1.5 million funding round
with a target to close it during the next year.
Founded by CEO Simon Wing and COO Andrew Toward,
Edfundo allows children to manage their finances through its money management
platform app.
The first-round funding means Edfundo can connect
swiftly with youngsters and parents and engage in crucial conversations around
smart money management, Toward said.