Fintech Woli Nets €700K To Fulfill Its Aim Of Digital Freedom For Kids & Teens Via Money App
Fintech startup Woli gathers a seed fund of €700K for its family banking app that enables kids and teens to have digital access to money.
Woli, a Greece-based family banking app has just raised €700K in seed funding. With the inclusion of prominent angel investors and entrepreneurs like Victor Trokoudes from Plum Fintech, Hristo Borisov from Payhawk, the round was led by Eleven Ventures. This fresh injection of new funds will help the startup to expand and enter new European markets and double its team.
The startup also wants to add more features to its app, officially launched just a couple of months ago. The reason Woli has steered investments is because of the significant increase in its users base.
Vasilis Zoupas the CEO and Founder of Woli talking about the latest investment shared:
-“Bringing such a great lineup of investors on board is surely a major milestone. We see their involvement as a great vote of confidence not only for the challenge we are tackling but also for the way our team is approaching it. Moreover, we look forward to their insights which can help us unlock more efficient strategies as we move forward and scale.”-
Furthermore, about his future aim of positioning the Fintech app as one of the leading for teens and kids he said:
“We are extremely excited for the upcoming year. We have a challenging roadmap in place, with many features that extend way beyond fintech, and we aim to position Woli as one of the leading kid and teen neobank brands in Europe.”
As the world is progressing towards digital payment options the Fintech apps like Woli which offers family financing options or teen saving and investment programs are becoming popular. For instance, Nosso from the UK, Zywa from Dubai, and UAE-based Verity, etc.
Moreover, as per the latest stats, released by the Global Fintech market, the Fintech app development is going to grow exponentially making the fintech market worth $305 billion. However, the app with creative ideas like Woli’s are going to garner more consumers. As Woli is a comparatively young startup that offers family neo banking and prepaid MasterCard for children 10 to 18 years old. Thus enabling parents to make cashless pocket money. Besides, having regular banking features Woli also focuses on teaching children to be responsible spenders with the aid of education quizzes.
Furthermore, it also issues colorful prepaid MasterCards that are in liaison with children’s accounts. As far as the earnings of Woli is concerned, then it is a subscription-based business that charges a monthly fee for each active account. Zoupas however also shares that the startup wants to add new revenue streams too
-“As we grow our customer base, we also plan to include new revenue streams, such as revenue from value-added services offered via the app.” –
Woli is licensed as an e-money distributor from the Bank of Lithuania and grew up to 1000 accounts in the first 3 months of its initiation. For now, the Woli app and card is only available in Greece, with Spain and Italy earmarked as the next markets.