RIYADH: UAE-based fintech startup Verity has closed a $800,000 pre-seed round as it prepares for the launch of its family banking and financial literacy app built for the Middle East, a statement revealed. The latest capital raise was backed by regional venture capital firms, including VentureSouq, Wamda, and Beyond Capital, with contributions from prominent angel investors. The Verity app, which is set to launch in the UAE before the end of the 2021, enables youngsters to build core money management skills such as how to earn, save, give, and spend responsibly in a safe and secure environment. The platform integrates a reward system, a personalized prepaid debit card and familial connectivity to make learning about personal finance both fun and experiential, according to the statement. Through subscription-based family plans, parents can create sub-accounts for their children, which they can monitor and control as primary account holders.