Visa and Nymcard Supports British Duo in Launching the World's First Money Management App for Families Built By Teachers

Edfundo’s inaugural transaction made with Visa prepaid card

NymCard’s tech stack provides BaaS to UAE-based Edfundo

The Edfundo Visa prepaid card is now live and being used by UAE-based early adopters, according to Simon Wing, the Emirates-based co-founder of the world's first family financial education and money management application built by teachers with education at the core.

Wing announced that live transactions are being made following a successful beta launch with the Edfundo Wait List community continuing to be onboarded over the next few weeks ahead of an imminent full market roll out.

“The first child recently made a live purchase during his summer vacation successfully marking more than 18-months’ work with partners like Visa and Nymcard guiding the way,” according to Wing, also Edfundo’s CEO.

He said that banking as-a-Service (BaaS) provider NymCard was an obvious choice for Edfundo as it is the only MENA-based BaaS enabler with a strategic collaboration with Visa’s Fintech Enablement Program.

"By integrating Edfundo with Nymcard's nCore platform we are bringing the future of banking to youngsters in the UAE, and then across the MENA region,” said Wing.

Meanwhile, Omar Onsi, founder and CEO of NymCard pointed to Edfundo as a sterling example of a fintech start-up positioned to deliver real life financial experience and education to families.

“We are very pleased to see Edfundo in action as the first money management app to provide financial EdTech to the region’s youth using NymCard’s modern BaaS platform.”

Wing confirmed that Edfundo has begun opening accounts for Wait List applicants and issuing Visa prepaid cards for youngsters to use at any of Visa’s 100 million-plus merchant locations worldwide, or online.

Andrew Toward, Edfundo's co-founder and COO encouraged new parents to fast-join the Wait List: “UAE-based parents are now able to provide their children with access to personal finance enabling them to learn, earn, save, and spend from an early age. This an exciting time and we welcome parents to join us via our website at Edfundo.com.”

Toward and Wing are teachers-turned-entrepreneurs with a commitment to ‘financial education first’ and moving the bar from financial illiteracy to financial literacy.

“We have built Edfundo to sit at the intersection of edtech and fintech because we believe it is critical that kids and teens experience money management first hand and ‘learn through doing’,” Toward stated.

Alex McCrea, Visa’s Vice President, Head of Strategic Partnerships and Ventures for Central Europe, Middle East, and Africa said: "We are excited to support Edfundo’s mission to provide payment solutions and financial education to the region’s youth. We see this as especially critical across MENA where a cashless society is fast becoming the norm.

“As youth become responsible for their transactions and begin to enter the workforce it is vital that they are equipped with the knowledge and tools they need to make sound financial decisions. We are thrilled that Edfundo is live, and we are proud to be a part of the Edfundo story, from card issuance to supporting the Edfundo for Schools initiative.”

Edfundo for Schools, Edfundo’s bespoke education programme, has already been distributed to several schools in Dubai with more activities with Visa set to roll out in schools during the next academic year.

End

Notes to Editors

Contact:
Susan Furness. susan@edfundo.com



About Edfundo:
Edfundo is the world's first family financial education and money management application built by teachers to champion a new era of financial literacy, digital inclusion, and mental wellbeing.

The Edfundo smart money app, Visa prepaid card, and learning lab are designed to help ensure youngsters are informed stakeholders in the journey towards a responsible, cashless society.

Curated around the principle of 'doing is learning', the Edfundo App has flexible parental controls and interactive, fun, educational content where users can learn good financial habits from earning to budgeting to spending and saving.
wwwedfundo.com

About Visa:
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable, and secure payments network, enabling individuals, businesses, and economies to thrive. We believe that economies that include everyone uplifts everyone everywhere and see access as foundational to the future of the money movement. Learn more at About Visa, visamiddleeast.com/blog, and @Visamiddleeast.

About NymCard:
NymCard is the only MENA-based Banking as-a-Service (BaaS) provider that have built their tech stack from the ground. They are fully regulated by the central bank of the UAE and offer FinTechs and other industry innovators the infrastructure to plug and play ready finance into their applications, enabling them to frictionlessly scale their payments programs across multiple markets. NymCard supports emerging use cases, including Gig economy, multi-currency wallets, money transfers, corporate expense cards, on demand delivery services, Buy Now Pay Later(BNPL) offerings and youth banking applications.


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About Edfundo

Edfundo is the world's first family financial education and money management application built by teachers to champion a new era of financial literacy, digital inclusion, and mental wellbeing. The Edfundo smart money app, Visa prepaid card, and learning lab are designed to help ensure youngsters are informed stakeholders in the journey towards a responsible, cashless society. Curated around the principle of 'doing is learning', the Edfundo App has flexible parental controls and interactive, fun, educational content where users can learn good financial habits from earning to budgeting to spending and saving.


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