Money management platform Woli, that helps children and teenagers manage their finances, has partnered with Paynetics to power its payment accounts and Visa cards.
The Athens-based smart money app has announced it will collaborate with Paynetics, a provider of embedded finance, in its latest step to empower financial literacy among the young.
Under the new agreement, Woli will leverage Paynetics’ robust and scalable financial infrastructure, ensuring the money management platform adheres to regulatory and compliance frameworks as it scales across Europe. This builds on an existing relationship between the two parties, as Woli has been registered as Paynetics’s agent in the Bulgarian National Bank’s register of licensed electronic money institutions, following its successful launch with Paynetics in December 2023.
However, the firms have explained that “this partnership isn’t just about transactions”; instead it is about empowering financial education.
Through utilising Paynetics’ framework, Woli will be able to integrate financial lessons into its user experience, helping the younger generation navigate today’s economic challenges.
Vasilis Zoupas, CEO and Co-Founder at Woli, remarked: “We’re extremely excited to be working with Paynetics – a leader in embedded finance.”
Amid the economic challenges across Europe, institutions have started to invest a lot of time and money into improving the financial literacy among young people, with approximately half of the EU adult population lacking a good understanding of fundamental concepts, according to a survey published in 2020 by the OECD/INFE.
Zoupas added: “Financial literacy amongst the youth is something that we’re very passionate about and this partnership has not only allowed us to provide a workable and flexible platform while overcoming the challenges of building products quickly but also affords us the opportunity to scale our business across Europe and the UK.”
Paynetics has often used its technology to help with positive initiatives. In 2022, the firm teamed up with digital wallet provider phyre to create a free mobile service designed to help charities better manage and allocate funds to those affected by the Russia-Ukraine conflict.
“We are delighted to be collaborating with Woli. With financial literacy rates across the population frighteningly low, improving financial literacy among youth is more important now than ever,” said Ivo Gueorguiev, Co-Founder at Paynetics UK.
“By pivoting to Paynetics, Woli is in good stead as it continues to empower children and teens to manage their finances. We look forward to working with Woli as it supports parents in teaching kids how to be financially responsible.”
