Verity, a UAE-based fintech startup has closed am oversubscribed USD 800,000 pre-seed round, preparing for the launch of its fully-integrated family banking and financial literacy app built for the Middle East.
The latest capital raise was backed by regional Venture Capital firms, including VentureSouq, Wamda, and Beyond Capital, with contribution from prominent angel investors.
With experiential learning at its core, the Verity app provides kids and teens with the tools they need to earn, save, give, and spend responsibly, while giving parents the ability to observe and guide their money management.
Targeting its UAE launch in the fourth quarter of 2021, with Middle East and North Africa (MENA) expansion slated for 2022, the Verity app takes a creative and holistic approach to teaching kids and teens between the ages of 8 and 18 personal finance in a real-life environment. Through subscription-based family plans, parents can create sub-accounts for their children, which they can monitor and control as primary account holders.
Omar Al Sharif, Co-Founder of Verity: “Verity’s mission has been clear from day one – to make the next generation more financially conscious and financially independent. We are building our app in the region and for the region, so it encompasses our Middle Eastern culture and values, in addition to global citizenship.”
Parents will be able to top up the accounts, set parameters and spending limits, and initiate a reward system, where kids can earn additional funds after completing specific chores and tasks. Kids then have the options of saving their money, contributing it to a cause of their choice, and spending it using a personalized pre-paid debit card which can be used to make purchases online and in stores. Parents will be notified of all transactions, allowing them to monitor and adjust parameters as needed.
Dina Shoman, Co-Founder of Verity: “Financial literacy is a basic life skill which, unfortunately, we aren’t ‘taught’ early on, if ever. We’ve combined experiential learning with fun and engaging tools to create a safe space that gives kids the freedom to choose what they do with their money, without compromising their parents’ peace of mind or peace of wallet.”
Kamal Al-Samarrai, Co-Founder of Verity commented, “Although Verity’s journey is just beginning, we’ve had a really positive response from key members of the investment and tech communities who share our vision. We truly believe that by encouraging and helping children to manage their money responsibly today, they won’t repeat the mistakes we made when we were younger, ensuring they are better placed to enjoy a more financially stable and secure future.”