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.
- 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
Financial support helps the initiative go farther, faster
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.
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.
They said…
Québec, Minister for the Economy:
"By developing and marketing an innovative mobile application, WALO is helping to position Québec as a leader in an emerging field with a bright future: that of financial technology, or 'FinTech'. Through the Impulsion PME program, we are proud to be helping this dynamic young company to grow and to promote its expertise globally."
- Lucie Lecours, Minister for the Economy
"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
Desjardins and WALO, a long-term relationship built on trust:
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
Granicus Group and WatchMojo
"There has been a dramatic rise of entrepreneurship amongst younger generations in the last decade; while not everyone is an entrepreneur, everyone has to be entrepreneurial, and that requires solid financial literacy. WALO's mission to educate younger generations on financial literacy is not only admirable, it is imperative."
- Ashkan Karbasfrooshan, WatchMojo founder and chairman of Granicus Group
About WALO
WALO is a Quebec startup with a mission to enhance the financial well-being of future generations through experiential learning. The family focused WALO app is fun to use and has already been downloaded over 15,000 times in 6 months. WALO was officially founded in November 2018 after winning several prizes at the Cooperathon, Desjardins's open innovation competition. The team at WALO raised more than $500,000 in non-dilutive funding and has graduated from Desjardins's Startup in Residence program, Next AI Montreal and Fintech Cadence's IFH Lab.
About Impulsion PME
With a budget of $ 50 million, the Impulsion PME program, managed by Investissement Québec as an agent of the Government of Quebec, aims to help young innovative companies with high growth potential gain access to investment capital early stage.
About Desjardins Group
Desjardins Group is the largest cooperative financial group in North America and the fifth largest cooperative financial group in the world, with assets of $397 billion. In 2021 it was ranked as one of Canada's Top 100 Employers by Mediacorp. To meet the diverse needs of its members and clients, Desjardins offers a full range of products and services to individuals and businesses through its extensive distribution network, online platforms and subsidiaries across Canada. Ranked among the world's strongest banks according to The Banker magazine, Desjardins has one of the highest capital ratios and credit ratings in the industry.
SOURCE WALO
Or interviews: WALO: Rim Charkani, CEO and cofounder, [email protected], (647) 557-7554
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