Athens-based Woli picks up €700k for its money app for families and plans European growth

Introducing a smart money app for families to the market, Woli has just raised €700k in a Seed round led by renowned fintech investors. Eleven Ventures leads the participation with prominent angels and entrepreneurs like Victor Trokoudes from Plum Fintech, Thanassis Sofianos from Relevance, and Hristo Borisov from Payhawk getting in on the action. 

Based in Athens, Woli streamlines family money by offering an engaging and educational money app for kids. It gives parents a tool to automate allowance and offers absolute security and control. So, not only can parents have oversight over the account, but kids can start to get some financial independence and learn how to be financially responsible. 

Across Europe, pocket money tends to still be in cash – leaving kids and teens to manage their own money and set their own goals without digital support and without a debit card for ecommerce payments. In 2022, ecommerce payments and card payments are the standard, so without an account like Woli, teens are left behind.

Managing Partner at Eleven, Vassil Terziev said: “While personal finance management for families has been a growing trend, children are participating in ever more cashless transactions, requiring that they be served with tailored financial products, adequate education and brand identity. We are very happy to welcome Vasilis and his team to Eleven, as Woli is taking on a mission to change how money management and financial education in the family works.”

The young startup, founded in 2020, issues a colourful prepaid Mastercard tied to the child’s account and enhances the child banking experience with unique modules such as financial literacy, quiz-based game, as well as a marketplace with relevant rewards and offers.

Woli is licensed as an e-money distributor from the Bank of Lithuania and grew past 1000 accounts in the first 3 months of its operation – showing a clear market need for the service. Currently, the Woli app and card is only available in Greece, with Italy and Spain earmarked as the next markets.

The fresh funding will enable Woli to further expand its product offering, grow its team, and prepare for operation in new markets. The company is currently working on new features, such as financial literacy platform, smart saving goals, money gift cards from relatives, and a marketplace where teens will be able to access various rewards and products, such as vouchers for their beloved online gaming brands. 

Woli CEO and founder Vasilis Zoupas said: “We are extremely excited for the upcoming year. We have a challenging roadmap in place, with many features that extend way beyond fintech, and we aim to position Woli as one of the leading kid and teen neobank brands in Europe. To achieve this, we need to focus on growing our team with superstar talent and executing our strategy with efficiency and speed. Bringing such a great lineup of investors onboard is surely a major milestone on our mission.”