UAE's Edfundo opens $1.5mln funding round

Fully managed by parents, the Edfundo app will be tested over the coming month to promote financial literacy, digital economy, and smart money management among children and youth

  
Image used for illustrative purpose.

Image used for illustrative purpose.

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UAE - Edfundo, a teacher-curated smart money management app due to be launched in the UAE in 2022, seeks to secure $1.5 million in a seed funding round, expected to be closed in the first quarter (Q1) of 2022.

This funding round was announced after an early friends and family funding round had been closed at 12.5% oversubscribed, securing $400,000, according to a press release on Monday.

Fully managed by parents, the Edfundo app will be tested over the coming month to promote financial literacy. digital economy, and smart money management among children and youth.

The Co-Founder, CEO, and former teacher, Simon Wing, said: "We have brought onboard 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."

Meanwhile, the Co-Founder and COO, Andrew Toward, commented: "The next round 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."

Source: Mubasher

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