5 November 2024, Tue |
11:42 PM
Leap, a new fintech startup in the UAE, has launched to teach kids and teens how to make better financial decisions. The Dubai-based startup is on a mission to improve youth financial literacy and money management skills, with a focus on the under-18 unbanked population. The app is currently available in the UAE for children aged 6 to 18, with plans to expand into Saudi Arabia and Egypt.
The Leap app was designed from the ground up for parents and children to encourage a transparent, fun, and engaging money management education. By incentivizing responsible spending and saving habits, the app highlights the importance of youth financial literacy, fostering the next generation’s ability to be financially responsible and contribute meaningfully to the economy.
Ziad Toqan, CEO and Co-founder of Leap said: “Financial literacy is a core life skill and surprisingly is something that’s not readily taught while growing up. Most kids get their first taste of financial responsibility when they go off to college without the oversight and knowledge on how to manage their money. But this doesn’t have to be the case.”
“At Leap, we’re committed to changing this reality and empowering kids as young as 6 years old to understand, value and manage their money. We’re incredibly excited to launch our app and provide a platform for kids to really learn how to earn, save and spend money responsibly, all while setting themselves up for a successful future.”
The Leap app is now available for free in the Apple and Google app stores, with a 90-day trial period.
Alain Meier, former CEO of Cognito (now part of Plaid) said: “There’s a huge opportunity in the Middle East for accessible financial literacy tools that teach kids how to earn, save and spend their money. Leap’s mission to solve this problem has the potential to better equip the next generation and help them achieve better financial outcomes. I’m excited to be investing in Leap. Ziad and Jamil have a strong vision on how to tackle this very real problem across the region.”
After signing up, both parents and children can access the app for two distinct experiences. Parents can instantly transfer pocket money to their children, track their children’s spending habits, and assign tasks to them.
Separately, children will receive a Visa prepaid card linked to their Leap account. Kids can use the app to set a savings goal, analyze their spending habits, and earn rewards for completing weekly tasks assigned by their parents.
The app also has a ‘Savings on Autopilot’ feature that automatically rolls over any unspent money at the end of the week and deposits it directly into the kids’ savings account. This feature will encourage kids to spend less during the week and save more quickly.
Jamil Khammu, COO and Co-founder of Leap said: “In today’s world, it’s tough to keep kids engaged. That’s why while building Leap, it was important for us to make the experience both educational and fun. We’ve made it super easy for kids to learn by doing with the parental oversight needed to help guide them along the way.”
The startup also intends to gradually introduce new features that will improve kids’ financial management skills, such as more creative ways to encourage savings. The app intends to cover all aspects of money management in order to truly teach children how to grow their money.
For more information on Leap, visit: http://savewithleap.com/
