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Quebec and Desjardins invest $1.1 million in WALO who helps kids develop healthy financial habits

WALO | Release | Feb 28, 2022

WALO app - Quebec and Desjardins invest $1.1 million in WALO who helps kids develop healthy financial habits

CNW Group/WALO

Quebec and Desjardins contribute to $1.1 million investment in Quebec fintech with global ambitions

MONTREAL, Feb. 28, 2022 /CNW Telbec/ - Financial literacy and managing money are essential skills our kids will need throughout their lives.

"More than half of Canadians are living paycheck to paycheck. It's more pressing than ever to provide solutions that help kids learn good financial habits. We need to build a solid foundation to ensure the financial well-being of future generations. That's our goal."  - Rim Charkani, CEO and Founder of WALO.

From allowances to task management, from savings goals to making financial literacy fun, the WALO app gives kids an opportunity to learn from real-world situations. By giving kids prepaid debit cards and opening them up to everyday financial experiences, WALO is helping users learn about accountability when it comes to personal finances.

Leading partners contribute $1.1 million

The young Quebec startup recently completed a financing round in which it raised $1.1 million thanks to some strategic partnerships, including the government of Quebec, Desjardins, Granicus Group and WatchMojo and several angel investors.

See:  Fintech Startup WALO Goes Live With A Gamified Financial Literacy App for Kids and Parents

  • Impulsion PME: The Quebec government is using the program, designed to leverage investment in Quebec, to support WALO
  • Desjardins and WALO CEO Rim Charkani will continue to write the next chapters of a story they started together
  • Granicus Group and WatchMojo got the ball rolling with the initial investment

The financial support for WALO will help the company accelerate growth. It will also make it easier for them to get their banking solution of prepaid cards to market, helping parents teach their kids about managing their first bank account.

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The company will progressively roll out its new bank accounts for kids and prepaid MasterCard credit cards later this year. Parents who are interested can already put their names on a waiting list to get access to special offers.

"We are proud to support WALO, which promotes better financial literacy for both the young and the older people and contributes to the development of a more responsible and efficient society. Our teams in each region of Québec have all of the necessary tools, including the Impulsion PME program, to support and help drive the growth of promising young companies."  - Guy LeBlanc, President and CEO of Investissement Québec

The project was conceived during the Cooperathon, Desjardins's popular open innovation competition. WALO then moved into Desjardins's Startup in residence, an accelerator for young businesses.

"We've worked together right from the beginning because the missions and the values of our organizations match up well. Managing personal finances is a real source of stress in our society. We need to give parents and families the tools they need to improve their financial literacy. We definitely see WALO as part of that solution." - Martin Brunelle, Vice-President, Growth, Acquisitions and Development Office, Desjardins

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NCFA Jan 2018 resize - Quebec and Desjardins invest $1.1 million in WALO who helps kids develop healthy financial habits The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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