New family banking app Verity launches in MENA region
Dubai-based fintech start-up Verity has officially launched the first family banking and financial literacy app in the Middle East and North Africa (MENA) region.
Verity aims to help children eight years old and above develop their personal finance skills. The platform allows parents to control the main family account while giving each child the option to create and manage their own profile.
Parents can top up their children’s digital wallets directly from their own bank accounts and allocate a set amount to each user in the family through a pre-scheduled monthly or weekly allowance or one-off transfers.
Children also have the option to ‘earn’ money by completing chores and tasks set by their parents. Once they have received their funds, they are prompted to decide how much they would like to contribute to personal or family savings goals, causes or charitable initiatives, or their spending budget.
The start-up has partnered with Visa and NymCard to provide the digital banking experience, issue personalised debit cards, and allow users to make purchases offline and online.
Verity’s co-founder Omar Al-Sharif notes that the app has been built “specifically for families in the region”, which constitutes a diverse audience with more than 200 nationalities in the UAE alone.
The launch follows Verity’s latest bridge round, which took the total amount raised by the company to date to over $1.2 million.
The funds will be used to develop new app features and drive expansion into new markets across the MENA region.