Verity, a Fin Tech Startup Is Set To Launch Before the End of This Year in the UAE

November 22, 2021 | 3 minutes read

A fintech startup working to create financial literacy among people is set to launch at the end of this year and has successfully bagged the pre-seed funding of $800,000. 

A UAE-based fintech startup, that has built a banking and financial literacy app for the Mena region has closed its pre-seed funding round with $800,000 with backing from regional VCs and angel investors.  

The platform has diverse functions as it integrates a reward system, facilitates money transfer, and can increase the interest in saving money by matching their savings. The app also offers personalized pre-paid debit cards, and familial connectivity to make the comprehension of personal finance both fun and experiential. It also helps kids and teens to develop their core money management skills such as how to earn, give, save and spend responsibly in a safe and secure environment.

venity-screenshot
Verity app. Image Credits: Venityapp.com

The startup is headquartered in Dubai International Financial Center (DIFC) is now backed by some prominent investors like Venture Capital firms, including VentureSouq, Wamda, and Beyond Capital, with contributions from prominent angel investors. The Verity has attracted investors because of its holistic approach to teaching kids and teens between the age group of 8 and 18. In addition to this, via subscription-based family plans, parents can open sub-accounts that they can also control as primary account holders. 

The Global FinTech market is growing at an exponential rate and is expected to grow gradually and reach a market value of $324 billion by 2026.  Rising popularity for digital payments, increased investments in technology-based solutions, compliant government regulations, growing adoption of IoT devices have positively impacted the fintech market and have also led to the development of fintech apps and software

Omar Al-Sharif, the co-founder of Verity, says: “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. Everything about the Verity app is highly personalized in that respect, from the user journey to the language options, starting with Arabic and English.”

The app is set to launch in the fourth quarter of 2021 and will be available in English, and Arabic with future plans of integrating additional languages later. The subscription plans will cater to a variety of family bundles too.

Story Credits Zawya & Finextra