Smart money management app EdFundo, which is set to launch in the UAE next year, is eying $1.5 million in seed funding after closing a $400,000 funding round.
The Dubai-based company has some 1,000 individuals on its waiting list, according to a statement.
EdFundo, created by teachers, is a way to teach eight-to-18-year-olds financial literacy and how to manage finances from an early age; the app also offers budgeting tools. Parents can set spending limits and rules, make automatic allowance payments and transfer money in real-time.
The next funding round is targeted to close in the first quarter of 2022.
“This is a really strong strategic funding round poised to catapult Edfundo to market. We have brought on board teachers, educators and academic advisors who have not just invested financially but also strategically as they strongly believe in our vision and mission and want to play their part in helping Edfundo through their contacts and networks,” said CEO and co-founder Simon Wing, who is a former teacher.
“The next round of seed funding will be used to bring on key hires and grow the proposition throughout the UAE and then in other geographies throughout the Middle East and North Africa,” added co-founder and chief operating officer Andrew Toward, also a former teacher.
Financial literacy programs for teens are cropping up in Dubai, with at least two other start-ups entering the space: Cashee and Verity, the latter of which has raised $800,000 in pre-seed funding.
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