New fintech startup, Leap, has launched in the UAE to teach kids and teens how to make better money choices. The Dubai-based startup is on a mission to boost youth financial literacy and money management skills, targeting the unbanked population of under-18s. The app is currently available for kids between the ages of 6 and 18 years old in the UAE, with plans to expand into Saudi Arabia and Egypt.
The Leap app is built from the ground up for parents and kids, and is designed to encourage a transparent, fun, and engaging education in money management. The app shines light on the importance of youth financial literacy by incentivizing responsible spending and saving habits - nurturing 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 on the Apple and Android 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, parents and kids can both log into the app for two separate experiences. Parents can instantly transfer pocket money to their kids, track their kid’s spending habits and set tasks for them to complete.
Separately, kids will get a Visa prepaid card that is linked to their Leap account. On the app, kids can set a savings goal, analyze their spending habits, and earn rewards for completing their weekly tasks set by parents.
The app also features a 'Savings on Autopilot' function, which automatically rolls over any unspent money at the end of the week - placing it directly into the kids’ savings account. This feature will motivate kids to spend less during the week and hit their savings goal faster.
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 has plans to gradually introduce new features that will further enhance kids’ financial management skills including more unique ways to encourage savings. The app aim’s to cover all aspects of money management to truly teach kids how to make their money grow.
