UAE-based FinTech startup Verity has received $800,000 in its pre-seed round, as it prepares for the launch of its family banking and financial literacy app specifically designed for the Middle East.
The investment round was backed by regional investment firms VentureSouq, Wamda, and Beyond Capital. It also received contributions from prominent angel investors.
Verity was built with experiential learning at its heart. As part of this, it gives children and teens with the tools to earn, save, give and spend responsibly while giving parents the ability to observe and guide their money management.
It will first launch in the UAE during the fourth quarter of 2021 and then expand across the Middle East and North Africa region during 2022.
The app takes a subscription-based family plan format, which lets parents create sub-accounts for their children that they can monitor and control, as well as receive notifications of all transactions. Parents can top up the accounts, set parameters and spending limits, and establish reward systems that let kids earn additional funds by completing specific chores or tasks.
Kids using the app can save their money, contribute it to a cause of their choice or spend it through a personalised pre-paid debit card.
Verity co-founder Omar Al Sharif said, “When Dina [Shoman], Kamal [Al-Samarrai] and I came together to form Verity, our mission was very clear from day one – to make the next generation more financially conscious and financially independent.
“Verity is built in the region and for the region, so it was important for us to create an app that encompassed our Middle Eastern culture and values, in addition to global citizenship. We wanted parents to know we were on the same page as them when it came to what and how their children were taught.
“Everything about the Verity app is highly personalised in that respect, from the user journey to the language options, starting with Arabic and English.”
There are a few FinTech startups aimed at boosting the financial stability of children. Earlier in the year, Hapi launched its app which is designed to parents are able to open a junior stocks and shares ISA to build a nest egg for their kids.
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