Dubai UAE: Edfundo, the soon-to-launch transformative smart money management app for kids and teens in the UAE, has appointed three key specialists to its advisory board.
Joining the board are Saudi-based FinTech & Business Development specialist Saleh AlHammad, UK-based Finance & Emerging Payments expert David Parker and UAE-based Brand & Communications professional Susan Furness.
“These are important additions to the Edfundo team as we near the launch of the world’s first smart money management app for kids and teens built by teachers,” explained Simon Wing, Edfundo co-founder and CEO.
“Saleh, David and Susan have extensive experience across their relative fields spanning the Kingdom of Saudi Arabia and the UAE, as well as the greater region and international markets which we can leverage to ensure a successful launch and development of the Edfundo offering.”
Saudi national Saleh AlHammad, the Country Director of Open Bank Exchange which helps communities find practical solutions to open banking and open finance, has extensive Fintech, I.T. and service industry experience. His business development prowess spans business planning, international business, new market entry and scale up, venture capital and start-ups. Saleh specialises in open and neobanking, API, payment, wealthtech, and AI in finance. Saleh has helped various companies in validating business models, go-to-market strategies as well as acquiring and maintaining regulatory licenses and he serves on the boards of corporate, government committees, business councils, and NGOs.
“Edfundo stands out because it is designed by teachers who understand how kids learn best. The co-founders both have an in-depth realisation of the financial literacy gap and have a determination to address it,” said Saleh.
“Financial education for youngsters is surely one of the most underrated areas of education which should concern most parents. There is a lack of understanding of the basic principles of personal finance which if tackled can literally change the future prospects of many of today’s digitally native kids.”
David Parker, the founder and CEO of Polymath Consulting who was previously based in the Middle East for a number of years, has extensive experience with payments having worked with clients such as GoHenry, Monese, Monzo Bank, Mastercard, Visa, American Express and FIS to name just a few. David, an active fintech investor, is also a key advisor to Abu Dhabi-based Nymcard. In addition, he sits on a number of boards and advises Fintechs globally including 3SMoney and Cinnte and co-founded Konsentus.
“Edfundo will address a pressing societal issue in the lack of financial literacy among our youth and as such is a very worthwhile brand with which to be associated. Having worked with GoHenry in the UK and USA and having seen first-hand with my own child how effective a money management app can be in educating children, I am sure that parents like me will be quick to adopt the solution for their children.” said David.
Susan Furness has over 35 years’ experience in the Gulf markets as a high-impact strategic and trusted advisor to successful starts-ups, established corporate entities and businesses ready to scale up via new market entries, product launches and IPO preparedness.
“Edfundo has a great story to tell, and its narrative will constantly evolve in line with its offering. It is an exciting brand for exciting times and one which has strong educational and societal impact potential which has drawn me to it, and which will equally appeal to its many prospective parents,” she said.
Edfundo - the world’s first smart money management app and associated pre-paid debit card built by teachers for use by kids and teens - will enable parents to securely control their youngsters’ spending habits and boost their money management abilities.
It has been created by Simon and Andrew Toward, both former teachers at Dubai’s Rashid School for Boys. The British duo, who have over 15 years’ UAE experience, have used their combined education experience of over 20 years to address a pressing need for financial literacy, in the first instance among the Emirates high spending youngsters.
Edfundo is the world’s first money management app for kids and teens built by teachers to champion a new era of financial literacy, digital inclusion, and mental wellbeing. The smart money app and its associated pre-paid debit card help ensure youngsters are stakeholders in the journey towards a responsible, cashless society.
Curated around the principle of ‘doing is learning’ the Edfundo app, which has rigorous parental controls, is designed to be highly interactive and fun, with rich and engaging educational content where users can learn good financial habits from budgeting to earning to saving.
In readiness for launch in the UAE in early Q1 2022, the Edfundo wait list is now open to children and parents on www.edfundo.com . In tandem, following a pre-seed round that recently closed 12.5% over target at US$400,000, the seed round is eyeing $1.5m by end March 2022. The co-founders are also planning further roll outs in next year, including the Kingdom of Saudi Arabia.
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© Press Release 2021