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Verity to launch family banking app targeting kids and teens

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Verity logo (Photo: Jordan News)
AMMAN  — A family banking app to be launched by UAE-based firm Verity will allow kids and teens to build core money management skills, how to earn, save, give, and spend responsibly, in a safe and secure environment.اضافة اعلان

Verity, a UAE-based fintech startup headquartered at Dubai International Financial Centre (DIFC), has closed a $800,000 pre-seed funding round, preparing for the launch of its fully-integrated family banking and financial literacy app built for the Middle East.  

The funding round 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 eight 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, said: “When Dina, Kamal and I came together to form Verity, our mission was very clear from day one – to make the next generation more financially conscious and financially independent.” 
“Verity is built in the region and for the region, so it was important for us to create an app that encompassed our Middle Eastern culture and values, in addition to global citizenship. We wanted parents to know we were on the same page as them when it came to what and how their children were taught,” he said.

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 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, said: “Financial literacy is a basic life skill which, unfortunately, we aren’t taught early on, if ever. According to S&P Global’s Financial Literacy Survey, approximately 66 percent of adults are financially illiterate. However, it’s been proven that kids can grasp simple financial concepts from a very young age, and that one of the most effective ways for them to learn is by doing.” 

Early subscribers who want to be among the first to experience the Verity app and receive additional benefits are invited to join the waitlist by visiting veritytheapp.com.


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