- The app is aimed at young people between the ages of 6 and 18.
- Leap allows kids and teens to set savings goals, analyze their spending habits, and earn rewards for completing weekly tasks.
Dubai, United Arab Emirates, 15 November 2022: New fintech startup, Leap, has launched in the UAE to teach children and teenagers how to make better money choices. The Dubai-based startup is on a mission to increase youth financial literacy and money management skills, targeting the under-18 unbanked population. The app is currently available to children between the ages of 6 and 18 in the UAE, with plans to expand to Saudi Arabia and Egypt.
Built from the ground up for parents and kids, the Leap app is designed to encourage a transparent, fun and engaging money management education. The app sheds light on the importance of young people’s financial competence by stimulating responsible consumption 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 competence in life and, surprisingly, something that is not easily taught as you grow up. Most kids get their first taste of financial responsibility when they go to college without supervision and knowledge of how to manage their money. But this need not be the case.”
“At Leap, we are committed to changing this reality and empowering children as young as 6 to understand, value and manage their money. We are incredibly excited to launch our app and provide a platform where kids can truly learn how to earn, save and spend money responsibly, while preparing for a successful future.”
The Leap app is now available in the Apple and Android app stores, with a 90-day trial period.
Alain Meier, former CEO of Cognito (now part of Plaid) said: “There is a huge opportunity in the Middle East for accessible financial literacy tools that teach children 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 am excited to invest in Leap. Ziad and Jamil have a strong vision of how to tackle this real problem across the region.”
After registering, parents and children can both log into the app for two separate experiences. Parents can instantly transfer pocket money to their children, track their children’s spending habits and set up tasks for them to complete.
Separately, children will receive a Visa prepaid card 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 has a ‘Save on autopilot’ function, which automatically rolls over any unused money at the end of the week – and places it directly in the children’s savings account. This feature will motivate children to spend less during the week and reach their savings goal faster.
Jamil Khammu, COO and co-founder of Leap said: “In today’s world it is difficult to keep children engaged. Therefore, it was important to us to make the experience both educational and fun while building Leap. We’ve made it super easy for kids to learn by doing away with the parental supervision necessary to help them along the way.”
The startup also plans to gradually introduce new features that will further improve kids’ financial management skills, including more unique ways to encourage savings. The app aims to cover all aspects of money management to really teach kids how to make their money grow.
For more information about Leap, visit: http://savewithleap.com/
To download the app, visit:
Apple: http://link.savewithleap.com/JjYQ3b
Android: http://link.savewithleap.com/wKE3XO
About Leap Technologies:
Leap is a UAE-born fintech startup on a mission to promote financial literacy and future readiness in children and teenagers. The Leap app provides both parents and children with digital tools that allow them to learn how to spend and save wisely. The app also aims to be the first financial touchpoint for unbanked under-18s and support the UAE’s transition to a digital cashless economy.
