• Edfundo’s inaugural transaction made with Visa prepaid card
• NymCard’s tech stack provides BaaS to UAE-based Edfundo

The Edfundo Visa prepaid card is now live and being used by UAE-based early adopters, according to Simon Wing, the Emirates-based co-founder of the world’s first family financial education and money management application built by teachers with education at the core.

Wing announced that live transactions are being made following a successful beta launch with the Edfundo Wait List community continuing to be onboarded over the next few weeks ahead of an imminent full market roll out.

“The first child recently made a live purchase during his summer vacation successfully marking more than 18-months’ work with partners like Visa and Nymcard guiding the way,” according to Wing, also Edfundo’s CEO.

He said that banking as-a-Service (BaaS) provider NymCard was an obvious choice for Edfundo as it is the only MENA-based BaaS enabler with a strategic collaboration with Visa’s Fintech Enablement Program.

“By integrating Edfundo with Nymcard’s nCore platform we are bringing the future of banking to youngsters in the UAE, and then across the MENA region,” said Wing.

Meanwhile, Omar Onsi, founder and CEO of NymCard pointed to Edfundo as a sterling example of a fintech start-up positioned to deliver real life financial experience and education to families.

“We are very pleased to see Edfundo in action as the first money management app to provide financial EdTech to the region’s youth using NymCard’s modern BaaS platform.”